Markets decline in early trade; Kotak Mahindra Bank tanks over 12%
The Hindu
Equity benchmark indices declined in early trade on April 25, giving up their gains of last four days, amid heavy selling in Kotak Mahindra Bank and foreign fund outflows.
Equity benchmark indices declined in early trade on April 25, giving up their gains of last four days, amid heavy selling in Kotak Mahindra Bank and foreign fund outflows.
The 30-share BSE Sensex declined 296.79 points to 73,556.15. The NSE Nifty dipped 97.15 points to 22,305.25.
From the Sensex basket, Kotak Mahindra Bank tanked over 12% after the RBI barred the company from onboarding customers online and issuing credit cards.
Cracking down on repeated non-compliance of IT norms, the RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found "serious deficiencies" in the lender's IT risk management.
Hindustan Unilever, Asian Paints, Titan, Maruti and Mahindra & Mahindra were the other major laggards.
Axis Bank, Sun Pharma, Nestle and State Bank of India were among the gainers.
In the last four days, the BSE benchmark climbed 1,363.95 points or 1.88%.
Rupee hits all-time low at 85.20 against USD due to strong greenback, rising crude oil prices, and weak domestic markets.
Viatris faces U.S. FDA import alert for products from Indore plant, exceptions made for certain shortages.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.