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The S&P BSE Sensex recovered most losses after plunging over 350 points in morning trade on Wednesday after the government announced amendments to its Double Tax Avoidance Convention with Mauritius.The fall in the index was led by losses in ITC, ICICI Bank, HDFC, Infosys, HDFC Bank. 

Indian shares fell on Wednesday on worries future foreign equity inflows would be hit after the country said it will start imposing capital gains taxes on investments coming from Mauritius starting next year.Mauritius is the top source of foreign funds into India, though analysts welcomed India's action to impose the tax on future investments and not existing holdings.The NSE index was down 0.8 percent at 0350 GMT after initially falling as much as 1.4 percent shortly after the open.