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According to government data, 12,871 bankruptcy resolution cases were pending on October 31, down from 13,211 as on December 31, 2021. The average number of days taken to resolve a case rose from 230 days in FY18 to 679 days in the first half of FY23.

The offer for sale comprises up to 2.7 million equity shares by individual selling shareholders including Manish Gupta, Dr. Rajesh Bhaskaran Nair, and Anita Nair, and up to 33.6 million equity shares by existing investors including Carlyle, Brighton Park Capital and the Nadathur Family Office.

Nithin Kamath in his blog stated that certain factors have helped their growth. "One is the phenomenal bull market in India. Developments such as eKYC, online digital signatures, and UPI turned the largely offline industry into a truly online, paperless one, enabling mass participation. And for us specifically, adoption via word-of-mouth from our customers," he said.

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