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Among the exits, Jhunjhunwala and associates’ stake dropped below one per cent in Bilcare, Indiabulls Housing Finance and Autoline Industries as of September 30, 2022.

A critical aspect that usually works in such situations is the presence of skin in the game – it offers no guarantee of success, but an absence of it is a huge red flag. If a conflict of interest can be avoided, the chances of survival multiply manifold.

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Although there were favourable domestic indicators, the market was under pressure due to weakness in the US and other Asian markets

“The US market and the western world or even top large IT companies in India are far more subdued. Going by that, we think 40% growth can come down to 35 or 30%. We can keep on estimating that. One key aspect of IT hiring is that when there is a surge, it is a quick sharp rise. At the same time, the decline is also very sharp.”

If signals from the unofficial markets are to be believed, the issue might disappoint the investors with a flat listing at the bourses as the premium has been wiped out completely.According to sources, shares of Fusion Micro Finance are trading at a discount of Rs 5 in the grey market, against its issue price of Rs 368 apiece. The company is likely to make a muted listing on Tuesday.

In the last week, the token lost 60% of its value, and in less than 10 days, the crack is two-third of its value. However, compared to its peak of around $260 about a year back, the token eroded over 95% of its value.On Monday, Solana tumbled to $12.25, its lowest level since February 2021, before recovering to $14.5 at 15.30 hours on Monday, November 11, the data from coinmarketcap suggested.

The Nifty Auto index closed 0.23 per cent up at 13071.4.

The brokerage further iterated that it maintains ‘buy’ on the counter given the pick-up in elective surgeries as well as margins at hospitals through better operating leverage, impending value unlocking through Apollo Health and increase in reach for all verticals through integrated digital platform.

Meanwhile, the sharp fall in the rupee after a firm opening on Monday was likely due to a large Indian conglomerate purchasing dollars, said traders, along with mid-month greenback demand by oil and defence companies.