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Nifty falls more than 2 percent, slips below 7,800

Reuters
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui

REUTERS - The Nifty fell more than 2 percent on Tuesday to near its lowest in about a year after HDFC Bank(HDBK.NS) lowered its base rate by a hefty 35 basis points, sparking concerns other lenders would follow suit, hurting margins in the sector.

The broader index fell below the key 7,800 mark, ending 2.33 percent lower, not far from levels last week when the index hit its lowest since August 2014.

The benchmark BSE Sensex ended down 2.23 percent.

The Bank Nifty fell 3.59 percent.

(Reporting by Karen Rebelo in Mumbai; Editing by Biju Dwarakanath)