News digest: Friday scare for markets, Rafale deal, IL&FS mess, and more

Financial stocks crash on liquidity crunch, IL&FS overhang; Scores of stocks see wild gyrations

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