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“Only for people who are managing global portfolios it makes sense to be underweight EM. If one is managing an EM portfolio, then one cannot afford not to be invested. I am not recommending that people should be in cash all the time. One has to keep looking for the best stocks that one wants to invest in and then do dollar cost averaging. ”

The Mumbai-based distiller plans to file the preliminary offer documents by April and could add more bankers to the lineup, the people said, asking not to be identified as the information is private.

The Nifty Bank index closed 0.23 per cent up at 37685.6.

While the drama was unfolding in one part of Mumbai, shares of Indiabulls Group companies trading in different parts tanked. Shani Services plunged 20 per cent while Indiabulls Housing Finance fell 10 per cent. Indiabulls Real Estate was down 15 per cent.

“Given our belief that this may not be a cycle similar to 2018-2020, while there can be a price or a time correction, we will remain in a bull market and small and midcaps remain the most attractive part of the market to make long term capital or wealth. If one is an investor for a two to three year period and investing in quality names, one is unlikely to go wrong despite interim impact because of volatility.”

The Nifty Realty index was trading 1.43 per cent down at 442.6.

“Overall, the bet on India is there but in the last one-two months, FII flows are not in line with their previous four years of nearly continuous relative preference for India. If you think that the market will only be a tough market and it will be great if it can go up 10-15%, then any stock that can give that kind of a return with higher confidence also becomes attractive.”

The Nikkei share average closed down 0.76% at 26,910.67, paring most of the 2.11% drop in early trade, after reports of a potential summit between U.S. President Joe Biden and his Russian counterpart Vladimir Putin soothed market nerves.

The blue-chip CSI300 index fell 0.4% to 4,634.31, while the Shanghai Composite Index was unchanged at 3,490.61 points.

European auto stocks were in the lead, gaining 1.3% after French car parts group Faurecia forecast a rise in annual sales, as it expects semiconductor shortages to ease from the second half of 2022.