On Monday, share markets in India opened on a negative note and ended the day in red after an dull day of trading.
The BSE Sensex closed lower by 356 points to end the day at 37,808. While the broader NSE Nifty ended down by 103 points, to end the day at 11,354 points.
Among BSE sectoral indices, realty stocks fell the most by 1.8%, followed by bank stocks at 1.3%. Tata Motors and Yes Bank were among the top losers.
Dr Reddy's share price will be in focus today as the USFDA completed audit of R&D facility of Aurigene Discovery Technologies, a wholly owned subsidiary of Dr. Reddy's Laboratories, situated at Hyderabad. No FDA 483 was issued at the end of inspection.
PFC share price is likely to be in focus as it completed the acquisition of the government's 52.6% stake in Rural Electrification Corp for Rs 145 billion.
On Monday, Jet Airways' share price went up by over 12.5% as it was reported that founder and principal promoters Naresh Goyal and his wife, Anita Goyal would step down from the board.
As per an article in The Economic Times, the debt-laden airline's lenders' consortium may invoke the entire 51% stake of Naresh Goyal in the airline and start looking for a new buyer in the weeks to come.
Here's an excerpt from the article:
Reportedly, this development occurred after Etihad expressed its desire to exit the airline by formally asking State Bank of India (SBI) to purchase its stake in the airline.
In 2013, Jet Airways survived a similar crisis when Abu Dhabi's Etihad Airways injected US$600 million of capital for a 24% stake in the airline, three London Heathrow slots and a majority share in Jet's frequent flyer programme. The infusion helped Jet pare down debt and fight growing domestic competition.
With more than US$1 billion of debt, Jet is struggling to stay afloat. It has delayed payments to banks, suppliers, pilots and lessors - some of which have forced the airline to ground as many as 40 planes.
How this pans out going forward remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.
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