Business News

[samritisharma]

Sensex Falls Over 350 Points; Nifty Below 12,000

Equity indices on Tuesday fell over 350 points in afternoon trade on hectic selling by investors across sectors amid growing concerns over the economic impact of coronavirus epidemic. The broader BSE Sensex fell 380.36 points or 0.93 per cent to trade at 40,675.33. While the broader NSE Nifty dropped 119.20 points or 0.99 per cent to trade at 11,926.60. On the other hand, Infosys, Tech Mahindra, TCS and Bajaj Auto were trading up as much as 0.80 per cent. Analysts said worries persist over rising death toll and the economic fallout from the novel coronavirus. Meanwhile, foreign institutional investors (FIIs) had sold equities worth Rs 374.06 crore on a net basis on Monday, according to provisional exchange data.

[samritisharma]

Telecom Biz Broken, Voda Idea On Brink: Former Finance Secretary Subhash Chandra Garg

Vodafone-Idea is sitting on the edge of a precipice- to get into the ditch of bankruptcy any day, according to former Finance secretary Subhash Chandra Garg. Garg in a blog titled 'Rebuilding Telecom Business in India' said that the Indian telecom business is now broken. "First, Telecom business- voice and data both- is headed towards becoming a duopoly (Jio and Airtel) with the remaining two players- Vodafone-Idea and BSNL-MTNL hurtling towards eventual shutdown, which might as well be an abrupt collapse," Garg said. The unused spectrum of bankrupt RelianceNSE 2.48 % and Aircel, massive fund infusion in BSNL and MTNL, and no show in 5G are other issues that creating a crisis in the sector, according to Garg.