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Bankers are reluctant to take any MSME through the process anticipating a deep haircut while promoters of MSMEs do not want to risk losing their company to a third party. The government, meanwhile, is considering a similar process for larger companies as delays in cases are seen as potentially diminishing the appeal of the Insolvency and Bankruptcy Code (IBC).

Following a nudge from the finance ministry last fortnight, most government-owned banks identified companies they would prefer to sell to National Asset Reconstruction Company (NARCL), the people cited above said. NARCL will identify about 20-25 accounts from the list for acquisition this fiscal year.

"The biggest thing in ITC is that there are no near-term headwinds for the company," said Amnish Aggarwal, the head of research at Prabhudas Lilladher.

More than 6.8 million shares exchanged hands on the BSE and NSE compared with the combined average daily volume of 500,000 shares over the last month. Among the BSE 500 stocks, Tata Chemicals was the biggest loser on Tuesday.

Coupon rates for the bond sales were largely in line with market expectations, treasury executives said. PFC and its subsidiary REC are both expected to raise more funds in the current financial year than in the previous two years, dealers said.

Prices dropped on Monday as the dollar strengthened on expectations of a possible May interest rate hike by the U.S. Federal Reserve that could dampen economic recovery hopes.

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From a high of 7.62% in mid-June, yield on the Indian 10-year bond declined to 7.19% at the end of August. Following its off-cycle repo rate increase of 40 basis points in May, the Reserve Bank of India (RBI) hiked the policy rate by 50 bps each in June and August.

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On the ex-split date, investors holding the stock until the record date will receive the new shares in Demat accounts, and the stock price will be adjusted according to the split ratio.