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The earnings come at a time when the industry is seeing massive layoffs that have surpassed the levels from the Great Recession the world went through 2008-2009

At 9:38 a.m. ET, the Dow Jones Industrial Average was down 441.84 points, or 1.30%, at 33,524.51

"Given the expected terminal rate in our projections, this is not enough. We need to take this fight and continue the battle against inflation at a steady pace. Based on the information today, that predicates another 50 basis points at our next meeting, and possibly at the one after that - and possibly thereafter.

​​The 7% discount offered in the OFS drove the strong demand for the stock.

Existing shareholders who are looking at selling part of their stake include Carlyle, Singapore-based venture capital fund Genesis Alternative Ventures

The funds raised in Series C round will be used to scale up the Online-to-Offline (O2O) business model, network expansion, investment in technology to enhance services and spares platform for two and four-wheeler customers, it added.

Dealers said mills in India are producing almost no raw sugar at the moment because whites are currently more lucrative, leaving the market short at a time when top exporter Brazil is in between harvests. They added that Indian refiners who normally buy raws locally are actually importing them from the world market, namely from Brazil

The Nifty Realty index was trading 0.19 per cent up at 453.3.

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"The labour market remains tight and there has been evidence of inflationary pressures in domestic prices and wages that could indicate greater persistence and thus justifies a further forceful monetary policy response," the BoE said.