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The NCLAT has approved Bharti Telecom s 2018 capital reduction scheme, dismissing claims of minority shareholders regarding unfair valuation. The tribunal found that the reduction followed standard practices and regulations, with 99.90% of shareholders in favor of the scheme, representing corporate democracy.

The Reserve Bank of India has issued a letter of displeasure to Bajaj Finance for failing to identify customer risks in its co-branded credit card business, prompting the NBFC to respond. A crucial role in co-branding agreements was highlighted by RBI, and customer complaints had surged, leading Bajaj Finance to halt new co-branded credit card sourcing with its banking partners.

Bankers have requested the Reserve Bank of India to reinstate the daily overnight borrowing window as the primary cash management tool to ensure better liquidity and quicker transmission of rate cuts. The RBI is expected to announce changes to the liquidity framework next week, coinciding with an anticipated repo rate reduction.

Banks in Mumbai are preparing for potential defaults from exporters heavily reliant on the US market due to new 27% tariffs. Lenders are reviewing their export loan books, focusing on impacted sectors like gems, jewellery, and textiles. Banks are also examining the tariff effects on competitors and RBI s upcoming policy review.

The S&P 500 was down 4.2% in afternoon trading, more than other major stock markets, and at its bottom in the morning was on track for its worst day since Covid struck in 2020. The Dow Jones Industrial Average was down 1,394 points, or 3.3%, as of 2:09 p.m. Eastern time, and the Nasdaq composite was 5.3% lower.

The US reciprocal tariffs on India Inc will have a twofold impact, benefiting some Indian exporters compared to higher tariffs on Asian countries while potentially increasing dumping from affected nations. Key sectors like automobiles, auto ancillaries, and gems and jewellery may face mixed effects, including cost pressures and reduced competitiveness in the US market.

The Nifty IT index tumbled 4.2% - the biggest loser among sector indices. Shares of Persistent Systems plunged 10%, while Coforge dropped nearly 8%. TCS, Infosys, Wipro, Mphasis, LTIMindtree, and HCL Technologies declined between 3% and 4%.

NSE s Nifty fell 82.25 points, or 0.35%, to close at 23,250.1. BSE s Sensex declined 322.08 points, or 0.4%, to end at 76,295.36. Both had fallen as much as almost 1% earlier in the day.

The Indian rupee strengthened to 85.43 per dollar as the dollar index fell to a six-month low of 101.5. Concerns over US trade policy impacting growth reduced the dollar s safe haven status. President Trump announced 26% tariffs on US imports from India. Inflows into Indian debt and mild dollar sales from oil companies supported the rupee s appreciation.

Equities tumbled from Asia to Europe to the US as investors were taken aback by the magnitude of the tariffs. US equities and the dollar bore some of the worst selling on speculation the president s trade offensive will stunt the American economy.