 "News digest: Friday scare for markets, Rafale deal, IL&FS mess, and more")
Friday scare for markets
The stock markets on Friday witnessed one of the most volatile days this decade as the benchmark Sensex swung nearly 1,500 points, or 4 per cent, in intra-day trade. The source of volatility was a crash in stocks of non-banking financial companies (NBFCs), led by Dewan Housing Finance Corporation (DHFL) and Indiabulls Housing Finance. Read more
IL&FS FinancialServices CEO, 5 directors quit
Heads have started rolling at the crisis-ridden Infrastructure Leasing & Financial Services (IL&FS) group. Ramesh Bawa, managing director and chief executive of IL&FS Financial Services (IFIN), has resigned, the group informed the stock exchanges on Friday, adding that he did not cite any reason. Read more
Sebi allows NRIs, resident Indians to take FPI route
The Securities and Exchange Board of India (Sebi) on Friday diluted its controversial circular issued on April 10, which laid down the know-your-client (KYC) and ownership norms for foreign portfolio investors (FPIs). Read more
Made in India handsets ring true, but there’s a catch
Many got to click selfies with Prime Minister Narendra Modi on Thursday when he decided to take the airport-bound metro rail for an event in the capital. Soon after in his address, the PM referred to mobile handsets that made those selfies possible, pointing out how those phones are turning around the manufacturing fortunes of India. Read more
Hollande: India proposed Reliance for rafale deal
The government’s repeated denials that Anil Ambani’s Reliance Group got special favours in the purchase of 36 Rafale fighters were on Friday challenged, with former French president François Hollande revealing that New Delhi nominated Ambani as the Indian offset partner. Read more
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%