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China, in a monthly fixing, lowered the five-year loan prime rate (LPR) by 15 basis points to 4.45%, the biggest reduction since China revamped the interest rate mechanism in 2019 and more than the five or 10 basis points tipped by most in a Reuters poll.

"We are in a tough position right now as the inflation is rising fast because inflation is rising everywhere else in the world and because of that we cannot escape it alone and the recessionary trend is also coming the world over and we cannot escape that. We are perhaps better positioned to withstand the problem that some other countries can’t. We will not collapse like Sri Lanka or Pakistan but we are certainly in trouble."

The MSCI world equity index, which tracks shares in 50 countries, rose 0.5% but for the week was still shedding 1% and on track for its seventh consecutive weekly decline, its longest losing streak since its inception in 2001. It would also be the longest including back-tested data extending to January 1988.

“We are not putting a timeline around the whole process, we do not want to make a mistake. We are very clear that we can take a few more months if required but not make a mistake of getting a wrong person in place and so there is no timeline as such and whatever time it takes we will go through it and get the right candidate into the bank at that point in time.”

Revenue from the operations of the company advanced 23.12 per cent to Rs 37,085.07 crore from Rs 30,102.60 crore during the period under review.

Promoters held 46.74 per cent stake in the company as of 31-Mar-2022, while FII and DII ownership stood at 16.44 per cent and 14.84 per cent, respectively.

In the three trading days following the rate hike and the RBI’s warnings on upside inflation risks, yield on the 10-year benchmark government bond jumped more than 30 basis points to a three-year high of 7.46 per cent.

“While some of the risks, which are associated with the macroeconomic environment can get bigger, it is manifesting more from an increasing cost of equity that has resulted in this correction. From the demand standpoint, most of the top clients or enterprises have been giving out in terms of the trajectory of tax spend a fair amount of confidence that these numbers are not at risk.”

On BSE, Prudent was listed at Rs 660 on BSE, a mild premium of 5 per cent over its issue price of Rs 630. The scrip made its debut at a marginal premium of 3 per cent at Rs 650 on National Stock Exchange (NSE).

On the technical charts, the 200-day moving average of the stock stood at Rs 428.99.