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Market crashes after 16-day run up: Here\''s what bled the most
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It was bloodbath on Dalal Street. The Indian market corrected very sharply. Experts feel there could be further downside. They are cautious on the market now and are advising investors to book profits.
The Nifty was subdued in an early trade, opening below the 5500 level amid volatility. Consistent inflow of foreign money has been supporting the market whereas on other side, concerns like rising oil prices, disappointing economic data from major continents like US & Europe still weighed on the market.
Etilasat has reportedly decided to halt its India operations after the 2G telecom licences to its joint venture, Etisalat DB (of DB Realty) were cancelled by the Supreme Court on February 2. The decision is bound to impact existing customers who will have 30-days time to transfer to another network.
Cash-strapped Kingfisher Airlines has to pay Rs 40 crore dues in indirect taxes by March 31, Central Baord of Excise and Customs (CBEC) Chairman SK Goel said on Wednesday. The beleaguered airline has been in a financial mess and is unable be meet its obligations.
The State Bank of India said on Wednesday that it had no plans of sanctioning fresh loans for the cash-strapped Kingfisher Airlines "at this point". SBI sources told CNN-IBN that the bank did not want to send a wrong signal to its customers regarding its alleged fresh investment in the airlines.
A day after he called for saving the ailing Kingfisher Airlines, Corporate Affairs Minister Veerappa Moily on Wednesday blamed bad governance and absence of professional management as the reasons for the perils of the carrier.