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The Reserve Bank of India (RBI) has detailed a draft scheme for the merger of sick Punjab and Maharashtra Cooperative (PMC) Bank with the newly-formed Unity Small Finance Bank Ltd (USFB), more than two years after PMC was put under restrictions on account of fraud that led to a steep deterioration in the networth of the bank.

The NCDs have been assigned ‘CRISIL AA/Stable’ rating and will be listed on BSE Limited’s wholesale debt market. The proceeds will be utilised to refinance its existing debt resulting in interest savings and marks DCCDL’s foray into the listed debt capital market and widening its investor base.

In another transaction, Ipca Laboratories bought 1.05 million shares of Lyka Labs at Rs. 123 per share through a bulk deal on the BSE.

Indian equity gauges shed nearly 2 percent amid overseas outflows. Foreign portfolio investors sold a net of Rs 3,438.76 crore Monday, show BSE data.

While the bombing of Paytm’s initial public offering on Friday may appear as the obvious catalyst for the sudden risk-off sentiment among retail investors, Monday’s fall appears to also have been triggered by a culmination of factors.

Tuesday will see the levels of 17500 and 17590 acting as resistance points for Nifty50. The supports come in at 17350 and 17250 levels.

The Dow Jones Industrial Average rose 29.43 points, or 0.08 per cent, at the open to 35,631.41.

“We were actually sitting on some cash which we have created over the last few months and we would like to dip into these markets in probably a few days or weeks once this correction settles down.”

The bombing of the Paytm IPO on the Street last week has triggered a reckoning for new-age companies who were offered to investors in the IPO mad rush of the past four months on sky-high valuations and “too good to be true” narratives.

Analysts said the index has support at 17,280 level and at its 100-day moving average, which is placed around 17,150 level. They see the 17,500 level as the immediate resistance level for the index.