The broader NSE Nifty dropped 1.53% to 11,419.25, while the benchmark BSE Sensex closed 1.44% lower at 38,337.01. Whatever hopes there were around the finance minister removing the surcharge on foreign investors have been dashed, said Neeraj Dewan, a director with Quantum Securities, New Delhi, adding that sentiment had also been dampened by weak earnings by some lenders. Finance Minister Nirmala Sitharaman said on Thursday that foreign portfolio investors could instead register as companies to avoid a new tax surcharge imposed on individual tax payers as well as trusts in the budget for ...
MUMBAI/BENGALURU (Reuters) - Indian lender Yes Bank Ltd posted a 91% drop in quarterly profit on Wednesday, due to a nearly three-fold rise in provisions for loan losses, while asset quality deteriorated sharply. Net profit for the three months ended June 30 came in at 1.14 billion rupees ($16.57 million), compared with 12.60 billion rupees last year. The private-sector lender shocked markets with its first-ever loss in the preceding quarter, as it set aside higher provisions and logged fresh bad loans to the tune of 34.81 billion rupees, some of which were on account of its exposure to a ...
Moody's placed Yes Bank Ltd's rating under review for downgrade on Tuesday, citing the Indian private-sector lender's exposure to some weak financial companies. "The review for downgrade takes into account Moody's expectation that the ongoing liquidity pressure on Indian finance companies will negatively impact the credit profile of Yes Bank, given the bank's sizeable exposure to weaker companies in the sector," the rating agency said in a note.
Shares of Dewan Housing Finance Corp Ltd (DHFL), one of India's biggest home loan lenders, fell as much as 18% on Wednesday, after it stopped taking new deposits and blocked premature withdrawals following a credit rating downgrade. DHFL is part of India's shadow banking sector which has been struggling since a series of defaults at lender Infrastructure Leasing and Financial Service Ltd last year. "The company has stopped acceptance and renewal of fixed deposits due to the recent revision in the credit rating," DHFL said in a stock exchange filing.
The practice exposes the Reserve Bank of India to all kinds of potential conflicts it would rather avoid. The eventual solution may be to let the country’s 10th-largest bank by market value get swallowed by a bigger balance sheet. Yes Bank’s problems started two years ago, when the regulator forced it to disclose that nonperforming loans were $630 million more than the $113 million reported in the company’s audited accounts for the year ended in March 2016.
An Indian appellate tribunal has lifted a stay on insolvency proceedings against business tycoon Anil Ambani's debt-laden Reliance Communications, the Economic Times reported on Tuesday. The decision by the National Company Law Appellate Tribunal (NCLAT) could potentially force Sweden's Ericsson to return 5.5 billion Indian rupees ($79.06 million) in dues and interest that RCom paid the telecoms equipment maker last month. Ericsson dragged RCom to the National Company Law Tribunal last year over unpaid dues from a deal it had signed in 2014 to deliver and operate RCom's network, but the ...
(Reuters) - Indian shares closed slightly lower on Tuesday, with Yes Bank Ltd posting its biggest ever drop as rising bad loans dragged the private-sector lender to a shock quarterly loss. The broader ...
By Chris Thomas and Nivedita Bhattacharjee BENGALURU (Reuters) - Investors sold out of Indian lender Yes Bank Ltd on Tuesday after rising bad loans triggered its first quarterly loss and brokerage Macquarie ...
French newspaper Le Monde reported on Saturday that France waived a tax demand of 143.7 million euros on a French subsidiary of Reliance Communications in 2015 when it was negotiating to sell the jets to India. The longstanding tax dispute was resolved between February and October that year, Le Monde said.
The local unit of Ericsson had accepted a 5.5 billion rupees ($80 million) settlement to keep its petition for Reliance Communications Ltd.’s $7 billion bankruptcy in abeyance. The telecom equipment vendor subsequently won a contempt-of-court order to put Chairman Anil Ambani in jail if the long-delayed payment – which he personally guaranteed – wasn’t received by Tuesday. When a history of the early years of India’s 2016 bankruptcy code is written, Ericsson’s lawyers will deserve a glowing mention.
Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson.
