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The due date for payment of Rs 19.16 crore was March 28, FEL said in a regulatory filing. "The company was not able to discharge the aforesaid obligations to respective banks/lenders, on due date," it said. However, FEL said it had a review period of 30 days from the due date in terms of the RBI circular dated August 6, 2020, and further in terms of provision of the agreement to make payment of the amount.

Gold futures on MCX were trading up 0.45 per cent or Rs 229 at Rs 51,518 per 10 grams. Silver futures were trading higher by 0.21 per cent or Rs 138 at Rs 67,085 per kg.

The Reserve Bank of India has confounded market expectations with its accommodative policy even as inflation breached its 6% limit for two months. SBI Funds warn the global rout may hurt Indian bonds as the central bank downplays inflation risks amid surging oil prices and the market braces for record government borrowing.

On Tuesday, shares of Hero MotoCorp had tanked over 8 per cent after an ANI report said that the income tax department has found that the company made over Rs 1,000 crore bogus expenses and over Rs 100 crore cash transactions for a farmhouse in Delhi.

The stock quoted a 52-week high price of Rs 252.1 and a 52-week low of Rs 190.3.

The company defaulted on an interest amount of Rs 2.41 crore, Religare Enterprises said in a regulatory filing.

A total of 51 shares changed hands on the counter till 10:50AM (IST)

Majority of the analysts are positive on the issue and have recommended subscribing to it. However, a few of them have a word of caution for investors.

“I am not too sure if we need to really move out of commodity and one can never know how long the cycle will continue but we do think that some of the sectors like auto, consumer, names like Asian Paints, Pidilite, etc, which have been big underperformers, at some point will turn out to be far more attractive and provide a great opportunity.”

The Relative Strength Index of the stock stood at 52.82 on Wednesday.