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Top Headlines: Indiabulls Housing tanks 38%, FPI outflows hit 11-qtr high

Here's a look at some of the top headlines of the day

BS Web Team 

Markets, FPI
Illustration: Binay Sinha

Indiabulls Housing Finance, which had proposed to merge with Lakshmi Vilas Bank, plunged up to 38 per cent on BSE on Monday, after the Delhi High Court agreed to hear public interest litigation (PIL) seeking special investigation team (SIT) probe into This was the sharpest intra-day fall since listing as trading volumes on the counter jumped four-fold, with a combined 59 million equity shares changing hands on the NSE and BSE. Read more here

Here are some of the other important stories of the day:

FPIs withdraw $3 billion between July-September; highest in 11 quarters

Overseas investors have pulled out over Rs 20,000 crore ($3 billion) from Indian equities during the third quarter of the calendar year 2019 (Q3CY19), the steepest quarterly outflow since the October –December 2016 quarter, when they had pulled out Rs 31,222 crore ($4.6 billion) from the equity market. Read more here

Mid, small-caps underperform in H1FY20; metals, pharma, autos worst-hit

Mid-and small-cap indices have underperformed the frontline benchmarks – the S&P BSE Sensex and the Nifty 50 – in the first six months of the current financial year 2019 – 20 (H1FY20). While the Sensex has lost a marginal 0.3 per cent since the beginning of this fiscal, Nifty has slipped 1.1 per cent during this period. S&P BSE Small-cap index, however, tanked nearly 11 per cent and the S&P BSE Midcap index has shed 8 per cent. The BSE500 index, which accounts 95 per cent of the total BSE listed companies market capitalisation, has lost 2.8 per cent in H1FY20. Read more here

Forever 21 files for bankruptcy, will shutter most stores in Asia, Europe

Forever 21 Inc. filed for bankruptcy protection, the latest big fashion merchant who couldn’t cope with high rents and heavy competition as the shift to e-commerce cut a swathe through traditional retailers. Court papers filed in Wilmington, Delaware, show Forever 21 has estimated liabilities on a consolidated basis of between $1 billion and $10 billion. The Chapter 11 filing allows the Los Angeles-based company to keep operating while it works out a plan to pay its creditors and turn around the business. Read more here

Delhi HC refuses bail to Chidambaram, says he may influence witnesses

The Delhi High Court Monday refused to grant bail to former finance minister P Chidambaram in the INX Media corruption case. Justice Suresh Kait denied bail to the Congress leader, saying there is no chance of tampering with evidence but there is a possibility that Chidambaram can influence witnesses. Chidambaram, who is in custody since his arrest by the CBI on August 21, did not approach the trial court and had directly filed the regular bail plea in the high court. Read more here

First Published: Mon, September 30 2019. 16:22 IST