Mumbai, July 20 (TIWN) As the government swept aside any scope of revoking or tweaking the tax on "super-rich" adversely affecting a chunk of FPIs, a major driver of Indian stock market, Sensex on Friday slumped over 560 points.

“Fear of further outflow of foreign funds is the main trigger today as the government has made it clear that the tax on the super-rich is here to stay,” Siddhaart Khemka, Head of Retail Reseach, Motilal Oswal told IANS.  The Sensex closed 560.45 points lower at 38,337.01 while the Nifty declined by 177.65 points to 11,419.25.