The total index of the Tehran Stock Exchange (TSE) dropped by 47,000 to about 1.5 million units on Sunday, a decrease of more than three percent compared to the previous day.
Based on the local news outlets' reports, Iran's primary mining, petrochemical, and refining companies had the largest share of market index decline.
The total index of the Iran Stock Exchange soared from about 500,000 units at the beginning of the Iranian calendar year, starting March 20, to two million units in mid-August. Many experts have blamed government manipulation for the stock market increases, which have created a bubble.
To make up for this year's budget deficit, the government planned to increase the sale of state-owned assets and companies by ten times and issued more bonds.
The resources considered in this year's budget, from the sale of the government's movable and immovable property with an increase of more than ten times compared with last year's budget, is about 495 trillion rials, or approximately $11.7 billion.
Meanwhile, many reports have alleged government manipulation in the stock market index to earn more from selling state-owned property and companies.
Since the second half of August, the TSE index has fluctuated and dropped by 500,000 units in the last two months.
The Iranian government also intended to compensate for another part of its budget deficit by selling government bonds.
Tasnim News Agency, linked to the powerful Islamic Revolution Guards Corps (IRGC), reported on Sunday that the Central Bank of Iran (CBI) held sixteen auctions to sell government bonds by the end of September.
Over this period, about seven hundred trillion rials of various government debts to banks, financial institutions and other investors were sold.
However, the sales of government bonds have dropped sharply during October, and since last week of the offering, only three trillion and 300 billion rials of bonds have been sold.
