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Jhunjhunwala held 2,90,97,400 shares or a 1.60 per cent stake in Canara Bank as of December 31, valued at roughly Rs 650 crore.

The crypto market is closely observing the result of the US Federal Reserve’s two-day policy meeting later in the evening. The Fed is expected to hint at an interest rate hike in March to fight inflation.

Spot gold held its ground at $1,846.87 per ounce, as of 0325 GMT, after hitting its highest level since Nov. 19 on Tuesday. U.S. gold futures were down 0.3% at $1,847.50.

On Wall Street, shares came well off their lows by late afternoon. But another burst of selling in the final hour of trading pulled them lower again. Technology stocks were the biggest drag on the market.

“One does not really want to catch a falling knife in an environment where the market is still fairly bearish and expectations are still tightening and of course we do have the Fed FOMC meeting on Wednesday. That will give us further indications.”

Stocks such as HDFC Bank, HUL, HDFC, Bharti Airtel, Kotak Bank, Maruti, ONGC, Nestle, among others, have underperformed the Nifty in the past two years. ITC, Axis Bank, Coal India, BPCL, ICICI Lombard, Colgate, Petronet, Indraprastha Gas and Federal Bank among others are trading below their prices two years ago.

There are reports that Amazon, Google or Microsoft could be a potential investor.

​"It will certainly open the tap for big money to flow into the distressed asset space in India,” said Srini Sriniwasan, managing director, Kotak Investment Advisors, the alternative investment arm of the Kotak Mahindra Group that also manages a $1-billion special situations fund.

Every bubble attracts small investors in hordes and leaves them much poorer. The bubble has a tendency to grow fast, making people richer at a rapid pace during the growth phase.

Brent crude futures were down 15 cents, or 0.2%, at $88.05 a barrel at 0105 GMT, having jumped 2.2% in the previous session.