The 30-share Sensex ended 229.02 points, or 0.57 per cent, lower at 40,116.06.
The Indian currency was trading 57 paise lower at 72.04 against the US dollar at 1548 hours.
The move is estimated to result in Rs 1.45 lakh crore in revenue loss for the government during 2019-20.
Lenders of Jaypee Infratech will meet on November 18 to discuss the bids of NBCC and Suraksha Realty.
Speaking on the bank's Non-Performing Assets, the NABARD chief said that the bank's NPA has reduced last year.
The scrip gained 5.86 per cent to Rs 3,299 on the BSE. On the NSE, it climbed 5.75 per cent to Rs 3,299.
Expressing dissatisfaction over registration of only 14 lakh traders in the state, he said the number should at least reach 25 lakh.
Rupee is trading at 71.77 against dollar amid rising concerns over the US-China trade deal.
The 30-share index pared gains to trade 19.98 points, or 0.05 per cent, higher at 40,365.06.
RCom committee of creditors is scheduled to meet on November 13, 2019 to take call on the bids opening.