Business

The BSE Smallcap index was the worst hit with a drop of 1.17 per cent, followed by the midcap gauge, which fell 1.12 per cent. BSE Largecap too underperformed the benchmark, sliding 0.42 per cent.

The RBI had initiated a so-called 'prompt corrective action' due to the high level of bad loans on Lakshmi Vilas' books, the lack of sufficient capital to manage risks and a negative return on assets for two years.

The development is important since it comes at a time when India’s financial sector is seeing huge liquidity crisis with major non-banking finance companies like Dewan Housing Finance Corp.

Manufacturing incentivized by policies such as Make in India and agriculture by ensuring access to market for farmers are key sectors that are going to drive a significant portion of India's growth over the next few years, he said.

The finance minister indicated that economic slowdown seems to have bottomed out and the coming festive season will help the economy start looking up.

The Hindustan Zinc stock closed the session at Rs 214.40, up 6.3%, after hitting an intra-day high of Rs 216.80. Notably, the stock has lost over 27% in the last one year.

Forex traders said investor confidence improved after US President Donald Trump said that trade deal with China could happen sooner than expected.

Forex traders said weak opening in domestic equities and unabated foreign fund outflows also weighed on the domestic currency.

The 30-share index was trading 303.70 points, or 0.78 per cent, lower at 38,793.44 at 0930 hours, while the broader Nifty fell 92.70 points, or 0.80 per cent, to 11,495.50.

While the adjudication proceedings were in progress, MIMS in January 2018 filed a settlement application with Sebi and proposed to pay Rs 36.97 lakh towards settlement charges.

Dish TV is hoping to upgrade 20 per cent of its customers to online streaming services with the connected devices in the next 18-24 months.

Shamika Ravi, member of the Economic Advisory Council to the Prime Minister of India, said India has a window of opportunity since many firms are trying to relocate out of China amid the trade war.

Brent crude is on track to rise about 7.7% this week, the biggest weekly gain since January.

The government has issued an Ordinance to ban e-cigarettes, making the production, import, export, transport, sale or advertisements of such "alternative" smoking devices a cognisable offence.

The IL&FS group has an outstanding debt of Rs 94,216 crore.

Forex traders said the drone attacks on Saudi Arabia's oil facilities have enthused demand for safe heaven assets like the US dollar.