Tehran Stocks Shed 2%

Tehran stocks closed Sunday under heavy selloff pressure as budgetary decisions weakened sentiments. 
The main index of Tehran Stock Exchange, TEDPIX, lost 25,254 points or 1.97% for the day to plunge to 1,256,547, the lowest since early July. 
Panic selling broke out after news that the parliament is planning to eliminate tax exemptions, given to selected industries, in the March 2022-23 budget. If it becomes law, the move will especially impact the profitability of petrochemical companies.