Indian shares tumbled on Friday, as banking stocks came under pressure after the country’s central bank placed troubled lender Yes Bank under a moratorium and took over its board.
State-owned insurer Life Insurance Corporation may consider joining RBI efforts to rescue Yes Bank. The minimum investment for SBI would be Rs5,500 crore if it picks 26 per cent stake in Yes Bank.
The Union government has issued a Global Invite for Expression of Interest for disinvestment in Bharat Petroleum Corporation Limited (BPCL) from prospective bidders with a minimum net worth of $10 billion as of Saturday.
Indian stocks on Monday recorded their worst single-day fall in more than four years, tracking global markets lower, as panic over the economic fallout of the coronavirus outbreak intensified and oil prices plummeted.
With the coronavirus pandemic causing nationwide lockdown and affecting businesses, the government has decided to pitch in with its support for the corporate sector to prevent any liquidity problems for them.
India’s foreign exchange reserves plunged by $5.34 billion during the week ended March 13. According to the RBI’s weekly statistical supplement, the overall forex reserves,
India’s biggest automaker Maruti Suzuki India and peers including Mahindra & Mahindra, Mercedes-Benz and Fiat Chrysler Automobiles (FCA) said on Sunday they will halt car production in the country due to the coronavirus outbreak.
The key Indian equity markets − S&P BSE Sensex and NSE Nifty50 − might face some pressure in the coming week as investors remain on the edge regarding the economic fallout of the COVID-19, analysts opined.
The government has decided to raise excise duty on petrol and diesel significantly, by upto Rs8 per litre, to mobilise additional resources that would be required to fight the Covid-19 pandemic.