With Kerala battling its worst floods in nearly 100 years, banks and tire manufacturers having exposure to the state have been among the worst hit. Share prices of Kerala-based lenders, rubber manufacturers, and other companies witnessed selling on Monday.
In the first quarter of the current financial year, Life Insurance Corporation of India (LIC), the largest investor in state-owned lenders, has pared its exposure in IDBI Bank and Allahabad Bank.
Real estate developer Lodha Group is planning to use proceeds from its upcoming initial public offering (IPO) to repay around Rs 4,500 crore debt, out of the total outstanding debt of around Rs 18,000 crore.
Bank stocks on Wednesday witnessed heavy selling, falling up to 6% on the Bombay Stock Exchange (BSE), a day after the Reserve Bank of India (RBI) indicated worsening of the NPA situation.
Auditors’ resignations and rumors around their resignations are disrupting the stocks of Atlanta, Manapasand Beverages, and Vakrangee.
S&P BSE IT has given 20.14% returns since the beginning of the year, followed by BSE FMCG and BSE Finance that gave 4.94% and 1.25% returns respectively. On the other hand, the rest of the indices have taken a beating in CY18.