Why Panic Gripped Indian Markets On Friday

Volatility gripped India’s equity benchmarks today as shares of Yes Bank Ltd. and mortgage lenders Dewan Housing Finance Ltd. and Indiabulls Housing Finance Ltd. tumbled. It began with a 35 percent slide in Yes Bank in morning trading after its co-founder Rana Kapoor was granted only four months extra as its chief executive officer. The Sensex and Nifty, however,…

India may get thrown out of MSCI Indices

MSCI Inc. (NYSE: MSCI), a leading provider of research-based indexes and analytics, announced today that it is closely monitoring developments related to the concerted announcement by three Indian stock exchanges, including the two principal exchanges, of the imposition of anti-competitive measures restricting the accessibility of the Indian equity market. MSCI is evaluating the measures’ potential…

Somebody’s Wrong on Reliance

Shareholders in Reliance Industries haven’t had it this good for a long time. After years of under-performance, the Indian oil refiner’s stock has zoomed 21 percent since the end of September, versus a 6 percent drop in the benchmark Sensex. Chairman Mukesh Ambani’s net worth has swelled to $21.7 billion. And now, its latest quarterly earnings have shown that cheap…

Rupee’s plunge drives up offshore debt costs

The rupee’s slide to record lows is squeezing mid-sized companies that borrowed offshore when times were good, with a slowing economy now making it even harder for them to generate the extra funds needed to cover dollar payments. Many firms in capital-intensive industries such as infrastructure, manufacturing and metals that borrowed in offshore markets lack…