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<ul><li>Two US-based law firms are looking to file class-action securities claims against <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> for sharing materially misleading information to shareholders. </li><li>Delay in sharing loan numbers with the Reserve Bank of India (RBI), scandal in vehicle loans and net profit missing market estimates are the primary factors highlighted.</li><li>If enough shareholders sign up, these law firms will officially be able to file their lawsuits.</li></ul>HDFC Bank has been accused of issuing ‘materially misleading business information’ to its investors by two US-based law firms, <a href="https://www.businesswire.com/news/home/20200816005042/en/INVESTIGATION-ALERT-Schall-Law-Firm-Announces-Investigating">Schall Law Firm</a> and <a href="https://www.businesswire.com/news/home/20200816005034/en/HDB-EQUITY-ALERT-Rosen-Law-Firm-Announces">Rosen Law Firm</a>. They are looking to file a securities class action against the bank on behalf of its shareholders. <div type="Article" hostid="261" msid="77033494" title="HDFC Bank is mum on the loans under moratorium⁠— profit jumps 20%, provision for bad loans spike 49%" mstype="2" mssubtype="0"></div> The firms outline a repeated pattern by the Indian bank of not disclosing important information to shareholders. Three instances in particular — probe into loans practices in vehicle financing, delay in providing loan details to the RBI, and lower net profits — have been called into question. "We were unaware of any such development (class action lawsuit) till we heard about it from the media a little earlier today. We are getting details of it. We’ll examine it and respond to it as appropriate. Prima facie it does look frivolous as we believe we have been transparent in our disclosures," HDFC Bank told Business Insider India. HDFC Bank — Transparency concerns mount As per the law firms, HDFC Bank failed to disclose the probe into allegations of improper lending practices and conflicts of interest involving the unit’s former head, which was first reported by <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/hdfc-bank-probes-lending-practices-at-vehicle-unit/articleshow/76931492.cms?from=mdr">Bloomberg</a> on July 13. “On this news, HDFC Bank’s depositary receipt price fell $1.37 per share, or 2.83%, to close at $47.02 per share.” said <keyword id="3727326" type="PERSON" weightage="20" keywordseo="Rosen-Law-Firm">Rosen Law Firm</keyword>. Later that month, when the bank reported its first-quarter earnings, it missed market estimates for net profit as per both law firms. HDFC Bank’s transparency was again brought into question in August when it was reported that the bank was late in providing details of loans and the repayment status of its borrows to the Reserve Bank of India (RBI) — something that has been an issue for nearly two years. Both, Rosen Law Firm and <keyword id="8441123" type="UNKNOWN" weightage="20" keywordseo="Schall-Law-Firm">Schall Law Firm</keyword>, are seeking more information from HDFC Bank shareholders who are looking to recuperate their losses. If enough shareholders step up to claim their losses, the law firms will be able to file a class-action lawsuit against the bank. This comes at a time when CEO and MD Aditya Puri, who built the bank from scratch and has been at the helm for 26 years, <a href="https://www.businessinsider.in/finance/banks/news/hdfc-banks-aditya-puri-believes-sashidhar-jagdishan-is-the-worthiest-person-to-succeed-him/articleshow/77540644.cms">is gearing up for retirement</a>. Sashidhar Jadishan, who has been with the bank since 1996, is set to replace him as the new CEO on October 27. HDFC Bank just finished raising ₹15,000 crore through qualified institutional placement (QIP) on Saturday. Investors were allocated ₹41.89 crore shares at ₹358 per share. The bank is cushioning its balance sheets along with other Indian banks before the RBI’s moratorium on loan repayments comes to an end on August 31. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-banks-aditya-puri-believes-sashidhar-jagdishan-is-the-worthiest-person-to-succeed-him/articleshow/77540644.cms">HDFC Bank's Aditya Puri believes Sashidhar Jagdishan is the 'worthiest person' to succeed him</a>

HDFC Bank faces class-action lawsuits from two US-based law firms — calls them 'frivolous'

Largest private sector lender <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> on Monday denied the allegations of misleading claims levelled by a US-based law firm to seek damages in a class action suit. The bank vowed to defend itself "vigorously" in the lawsuit and added that the response to the lawsuit will be ready by early next year. <keyword id="9273308" type="UNKNOWN" weightage="20" keywordseo="Rosen-Legal">Rosen Legal</keyword> last week filed the class action suit seeking damages for the losses incurred by investors because of alleged "materially false and misleading" representations by HDFC Bank. It had specifically named the bank's chief executive and managing director of over 25 years, <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword>, his designated successor <keyword id="6836606" type="UNKNOWN" weightage="20" keywordseo="sashidhar-jagdishan">Sashidhar Jagdishan</keyword> and company secretary <keyword id="434855" type="COMPANY" weightage="20" keywordseo="Santosh-Haldankar">Santosh Haldankar</keyword> as defendants. The bank said the lawsuit has been filed against three of its employees by a "single small security holder who seeks to represent a class" of its security holders, and is based on allegations, that the security holder claims, caused a temporary decline in the Bank's ADR (American Depository Receipt) stock price in July. "The Bank denies the allegations and intends to defend itself vigorously in the lawsuit," it said in an exchange filing. The complaint did not mention the exact quantum of the damages sought though it maintained that may be thousands of investors would have suffered. As per the suit, bank officials "engaged in a plan, scheme, conspiracy and course of conduct, pursuant to which they knowingly or recklessly engaged in acts, transactions, practices and courses of business which operated as a fraud and deceit", resulting in the losses to investors. The allegations pertain to the vehicle finance vertical, where the Bank has later acknowledged to have found some improprieties which resulted in some executives being acted against. The bank had inadequate disclosure controls and procedures and internal control over financial reporting, maintained improper lending practices in the vehicle financing making the operations unsustainable and all this was likely to have a materially negative impact on its financial condition and reputation, it alleged. "The Bank's public statements were materially false and misleading at all relevant times," the suit claims, adding the defendants "knew that the adverse facts" had not been disclosed and were being "concealed from the public". The period during which the losses are alleged to have happened to the investors is between July 31, 2019 and July 10, 2020 which is referred to as the "class period". Initially, the bank had termed the move to file the suit as "frivolous" and asserted that it has been transparent in all its disclosures. According to reports, the bank used to bundle vehicle tracking devices along with auto loans sold by it, resulting in an additional cost to the borrower, and also concerns over privacy. There was speculation over the circumstances under which its head of the unit left the office, but the bank later clarified that it was a scheduled retirement. HDFC Bank shares closed 0.82 per cent down at Rs 1,048.70 apiece on the BSE, as against 2.09 per cent correction on benchmark index Sensex. SEE ALSO: <a href="https://www.businessinsider.in/defense/news/latest-updates-on-india-china-border-issue/articleshow/78162853.cms">Indian Army may call on the double hump camel to help patrol the India-China border</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a>

HDFC Bank denies charges by US law firm, called them 'misleading'

New York, Aug 17 (IANS) US-based investor rights law firm Rosen Law Firm has announced an investigation of potential securities claims on behalf of shareholders of HDFC Bank following allegations that the bank may have issued materially misleading business information to investors. The development follows after reports in July said that HDFC Bank had conducted an investigation into the "improper lending practices and conflicts of interests" in its vehicle-financing arm. The law firm's statement said that post the media reports, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83 per cent, to close at $47.02 per share on July 13, 2020. On July 19, 2020, the NYSE-listed HDFC Bank reported its financial results for the first quarter of the Bank's 2021 fiscal year, missing analyst estimates with respect to net profit and reporting a deterioration in its asset quality, the statement noted. "Rosen Law Firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders. If you purchased securities of HDFC Bank please visit the firm's website at http://www.rosenlegal.com/cases-register-1922.html to join the securities action," it said. The firm said that it represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Last year the law firm had filed a class action lawsuit against Infosys after an anonymous whistleblower group accused the software giant's management of "unethical" steps to boost short-term revenue and profits. --IANS rrb/sn/kr

Rosen Law to initiate class action lawsuit against HDFC Bank

Mumbai, Aug 17 (IANS) As HDFC Bank faces a likely class action lawsuit by the US-based Rosen Law Firm, the bank said that the proposed lawsuit looks frivolous as the bank has been transparent with its disclosures. The global investor rights law firm earlier announced an investigation of potential securities claims on behalf of the shareholders of HDFC Bank following allegations that the bank may have issued materially misleading business information to the investors. An HDFC Bank spokesperson said: "We were unaware of any such development (class action lawsuit) till we heard about it from the media a little earlier today. We are getting details of it. We'll examine it and respond to it appropriately. Prima facie it does look frivolous as we believe we have been transparent in our disclosures." The firm's announcement of going ahead with a lawsuit came after reports in July said that HDFC Bank had conducted an investigation into the "improper lending practices and conflicts of interests" in its vehicle-financing arm. The law firm's statement said that post the media reports, HDFC Bank's American depositary receipt price fell $1.37 per share, or 2.83 per cent, to close at $47.02 per share on July 13, 2020. On July 19, 2020, the NYSE-listed HDFC Bank had reported its financial results for the first quarter of the Bank's 2021 fiscal year, missing analysts' estimates with respect to net profit and reporting a deterioration in its asset quality, the statement noted. "Rosen Law Firm is preparing a securities lawsuit on behalf of HDFC Bank shareholders. If you purchased securities of HDFC Bank, please visit the firm's website at http://www.rosenlegal.com/cases-register-1922.html to join the securities action," the law firm said. The firm said that it represents investors throughout the globe, concentrating its practice in securities class actionsand shareholder derivative litigation. Last year the law firm had filed a class action lawsuit against Infosys after an anonymous whistleblower group accused the software giant's management of "unethical" steps to boost short-term revenue and profits. --IANS rrb/sn/arm

Prima facie it looks frivolous: HDFC Bank on lawsuit plan in US (Ld)

The key Indian equity indices traded in the negative territory on Thursday morning after a choppy start to the session, with the BSE Sensex down by around 125 points. Decline in the index-heavyweights -- <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword> and <keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> weighed in on the Sensex. Around 10.25 a.m., Sensex was trading at 52,929.62, lower by 125.14 points or 0.24 per cent from its previous close of 53,054.76. It opened at 53,065.69 and has so far touched an intra-day high of 53,103.03 and a low of 52,917.56 points. The <keyword id="2931774" type="PERSON" weightage="20" keywordseo="Nifty50">Nifty50</keyword> on the <keyword id="53581" type="CITY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> was trading at 15,838.65, lower by 41.00 points or 0.26 per cent from its previous close. Manish Hathiramani, technical analyst with <keyword id="251898" type="PERSON" weightage="20" keywordseo="Deen-Dayal">Deen Dayal</keyword> Investments said: "The market continues to struggle around the 15,900 level. If we manage to get past this hurdle on a closing basis, the <keyword id="6354813" type="UNKNOWN" weightage="20" keywordseo="Nifty">Nifty</keyword> can scale higher to 16,100." "On the downside, the <keyword id="44430" type="ORGANIZATION" weightage="20" keywordseo="index">index</keyword> has a good support at 15,400 and and until we do not disrespect that, the overall trend of the market continues to remain positive," he said. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrencies-exchanges-can-run-into-trouble-with-investors/articleshow/84205889.cms">Cryptocurrencies aren't all diamonds and roses — lawsuits from people who lost big are piling up with exchanges</a> <a href="https://www.businessinsider.in/business/auto/news/simple-energy-new-electric-scooter-promises-240km-range-on-a-70-minute-charge/articleshow/84164967.cms">This new electric scooter promises 240KM range on a 70-minute charge, could be priced under ₹1,20,000</a>

Tata Motors, HUL and ONGC top the losers list as Nifty skids at near record highs

US-based <keyword id="3727326" type="PERSON" weightage="20" keywordseo="Rosen-Law-Firm">Rosen Law Firm</keyword> has filed a class action lawsuit against <keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>, seeking to recover damages for the bank's investors under the US securities laws. The development comes after the investor rights law firm last month announced an investigation of potential securities claims on behalf of shareholders of HDFC Bank following allegations that the bank may have issued materially misleading business information to investors. According to the lawsuit, the defendant (bank) throughout the 'Class Period' made false and misleading statements and failed to disclose to investors that it had inadequate disclosure controls and procedures and internal control over financial reporting, as a result of which, the bank maintained improper lending practices in its vehicle financing operations. Further, earnings generated from the bank's vehicle financing operations were "unsustainable", as per the lawsuit and it added that all the foregoing, once revealed, was foreseeably likely to have a material negative impact on the bank's financial condition and reputation. The law firm said that the bank's public statements "were materially false and misleading at all relevant times" and when the true details entered the market, investors suffered damages. In July, reports said that HDFC Bank had conducted an investigation into the "improper lending practices and conflicts of interests" in its vehicle financing arm. SEE ALSO: <a href="https://www.businessinsider.in/sports/news/dailyhunt-app-founders-confirm-ipl-2020-associate-sponsorship/articleshow/78169667.cms">EXCLUSIVE: Dailyhunt founders confirm IPL 2020 associate sponsorship — promise new release for Josh ahead of India’s biggest cricket tournament</a> <a href="https://www.businessinsider.in/stock-market/markets/news/hcl-tech-enters-the-list-of-top-10-most-valued-companies-in-india/articleshow/78165311.cms">HCL Tech enters the list of top 10 most valued companies in India</a> <a href="https://www.businessinsider.in/science/space/news/first-intact-planet-found-circling-a-dead-star-this-jupiter-sized-anomaly-is-in-orbit-rather-than-being-pulled-apart-at-the-seams/articleshow/78166938.cms">First 'intact' planet found circling a dead star — this Jupiter-sized anomaly is in orbit rather than being pulled apart at the seams</a>

US-based law firm files class action suit against HDFC Bank

<ul><li>At 7:40 am, the SGX Nifty was up 0.17%, indicating a green start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to see a slow start on Friday, led by positive cues from the global markets. At 7:40 am, the SGX Nifty was up 0.17%, indicating a green start for Nifty50. The US stocks closed mixed on Thursday amid disappointing economic data and slowed stimulus progress. The Dow Jones Industrial Average closed 0.23% lower, and the Nasdaq Composite was up 66 points. These are the stocks to watch out for during the trading session today: TVS Motor The members of the $8.5 billion TVS family decided to restructure the ownership of various companies, a measure which does not involve payment of brand royalty to the family members or their holding companies. The share price of TVS Motor closed 0.42% lower on Thursday. IRCTC The offer-for-sale for the Indian Railway Catering and Tourism Corp (IRCTC) was subscribed nearly two times on day by the non-retail investors. The retail investors will get a chance to bid for IRCTC offer-for-sale (OFS) today. The government is planning to sell up to 20% stake in IRCTC through OFS which opened for subscription on Thursday. The share price of IRCTC closed 12% lower on Thursday. HDFC Bank The private lender HDFC Bank informed exchanges that the Reserve Bank of India (RBI) had imposed a monetary penalty of ₹10 lakh on the bank for bouncing of subsidiary general ledger (SGL). This led to a shortage of balance in certain securities in the Bank’s CSGL account on November 19, it said. The share price of HDFC Bank closed 2% lower on Thursday. Dalmia Bharat, UltraTech Cement, ACC, Ambuja Cements and Shree Cement According to <a href="https://www.livemint.com/news/india/cci-searches-offices-of-major-cement-cos-11607621552574.html">reports</a>, the Competition Commission of India (CCI) has conducted searches on the premises UltraTech Cement, ACC, Ambuja Cements, Dalmia Cement (Bharat) and Shree Cement, among others to find evidence of price collusion. United Spirits United Spirits, a part of global liquor giant Diageo appointed Hina Nagarajan as the company’s new CEO with effect from July 1, 2021. Incumbent Anand Kripalu will step down on June 30. The share price of United Spirits closed 2% higher on Thursday. TCS Tata Consultancy Services (TCS) said it plans to invest more than $100 million in Austin and hire 1,000 new employees across Texas. TCS has expanded its business operations in Austin, Texas with the construction of a new facility, doubling its presence to more than 400 professionals in the city and adding to its over 5,500 employees across the state. The share price of TCS closed 1% lower on Thursday. Mahindra &amp; Mahindra ICRA has reaffirmed Mahindra &amp; Mahindra rating of non-convertible debenture programme of ₹1,500 crore to stable. It has also assigned a stable rating to long-term loans worth ₹1,800 crore. The share price of Mahindra &amp; Mahindra closed 3% lower on Thursday. Canara Bank Canara Bank said it had approved the issue price at ₹103.50 per share for its qualified institutional placement (QIP) to raise ₹2,000 crore. Earlier this week, the bank had set the floor price for the issue at ₹103.50 apiece. The share price of Canara Bank closed 5% lower on Thursday. Jash Engineering The pump and pumping equipment manufacturing company, Jash Engineering received orders worth ₹20.65 crore in November. The share price of Jash Engineering closed 2% lower on Thursday. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/facebook-hit-with-2-massive-antitrust-lawsuits-from-the-ftc-and-46-states-seeking-to-spin-off-instagram-and-whatsapp/articleshow/79652195.cms" data-type="tilCustomLink">Facebook hit with 2 massive antitrust lawsuits from the FTC and 46 states seeking to spin off Instagram and WhatsApp</a> <a href="https://www.businessinsider.in/stock-market/news/airbnb-prices-ipo-at-68-per-share-will-raise-3-5-billion/articleshow/79653812.cms" data-type="tilCustomLink">Airbnb prices IPO at $68 per share, will raise $3.5 billion</a>

Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others

<ul><li>IndusInd Bank, Tata Motors, Kotak Mahindra Bank, and Bajaj Finance are leading the charts among <keyword id="66115" type="PERSON" weightage="20" keywordseo="Nifty-50">Nifty 50</keyword>’s <keyword id="10324401" type="UNKNOWN" weightage="20" keywordseo="top-10-gainers">top 10 gainers</keyword> in the last three months.</li><li>Interestingly, financial firms account for seven of the top 10 gainers.</li><li>The Supreme Court’s order on standstill of NPA recognition provided a relief rally in financials and, more recently, the RBI panel recommendations came as a boost for NBFC and small finance bank stocks. </li></ul>The bulls are in charge on Dalal Street and the market has seen a record run with the Nifty 50 hitting the 13,000 mark in trade today. The surprising factor is that financials have played a significant role in the rally. Over the last three months, seven of the top ten best performing stocks on the Nifty 50 have been financial companies, with IndusInd Bank leading the charge. While the RBI panel recommendations are one of the reasons behind their strong performance, the others include improving liquidity and credit growth amongst others. <div type="Article" hostid="261" msid="79323107" title="RBI panel proposes recommendations that could redefine private bank ownership" mstype="2" mssubtype="0"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 10 gainers on the NIFTY 50 in the last three months: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies on the NIFTY 50 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% gains in the last three months </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64.70% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">44.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43.66% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41.88% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38,89% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39.77% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31.80% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30.11% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">28.32% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">27.45% </td></tr></tbody></table>Source: Trendlyne data What drove the banking shares rally in the last three months? The winds were already on the uptake with not enough shares of HDFC Bank, IndusInd Bank and Kotak Mahindra Bank for foreign investors to pick up back in August. This after the London based FTSE Global Index <a href="https://www.businessinsider.in/stock-market/markets/news/there-arent-enough-shares-of-hdfc-bank-indusind-bank-and-kotak-bank-that-foreign-investors-can-buy/articleshow/77798108.cms">chose to no longer list the banks on its indices.</a> The shortage of shares was partly due to the Reserve Bank of India’s (RBI) moratorium that held off the expected onslaught of defaulters when the nationwide lockdown was announced. But, that isn’t what drove the rally in the last three months. A critical change occurred at the end of September when the moratorium technically had expired. The Supreme Court announced a stay on accounts under moratorium from being declared non-performing assets (NPAs) or bad loans. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top private sector banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of loans under moratorium </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td></tr></tbody></table>Source: Jefferies This led a rally in the stock markets for two reasons. One, that the banks’ balance sheets will be protected for a little while longer. And, two, because it meant the Supreme Court would be hearing arguments for waiving off the compound interest loans. A verdict it eventually granted just before Diwali. <div type="image" title="Copy of KMB1 (1)" msid="79386169" hostid="261" caption="&amp;lt;p&amp;gt;India&amp;#39;s credit growth over the last three months&amp;lt;/p&amp;gt;"></div> Other factors like HDFC Bank’s denial of allegations by a US-based law firm that filed a class action lawsuit against the bank, fund raising exercises, the shoring up of capital to fend against any bad loans, and the uptake of collections in the second quarter also cast a net of optimism on the banking sector. The more recent rally Over the last two days, one announcement has overshadowed all others — the RBI’s new rules for how private sector banks can be owned. While there are <a href="https://www.businessinsider.in/finance/banks/news/former-rbi-governor-raghuram-rajan-and-viral-acharya-believe-its-a-bad-idea-to-allows-companies-to-own-banks/articleshow/79370513.cms">varying opinions</a> on whether or not large companies and NBFCs should be allowed to own banks, one thing most seem to agree on is that increasing the cap for promoters’ stake from 15% to 26% is a good move. IndusInd Bank’s share price rallied by more than 4% yesterday and opened on high in trade this morning as well. The promoters of the Bank, the Hinduja Group, had expressed its interest to pump in more money. And, if the RBI’s proposed change is accepted, it would be fresh capital infusion for the private sector bank. Uncertainty over what lies ahead The stock market’s rally may paint a rosy picture, but analysts believe that the worst is yet to come. Once the Supreme Court announces its final verdict, the stay on accounts being declared NPA will end and the true situation will reveal itself. The time is also ticking against borrowers who may have dipped into their savings to make payments as the unemployment rate continues to rise. Meanwhile, a storm may be approaching with a second wave of COVID-19 likely to hit the country in winter. Many states have already begun bringing back <a href="https://www.businessinsider.in/india/news/checkout-which-states-have-reimposed-curfews-and-restrictions-again-as-second-covid-19-wave-hits-india/articleshow/79366320.cms">restrictions</a> like night curfews and shutting down markets to limit the spread of the infection. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/news/elon-musk-surpasses-bill-gates-to-become-the-worlds-second-richest-person-as-teslas-market-cap-inches-closer-to-500-billion/articleshow/79382348.cms">Elon Musk surpasses Bill Gates to become the world’s second-richest person as Tesla’s market cap inches closer to $500 billion</a> <a href="https://www.businessinsider.in/stock-market/news/market-at-record-high-nifty-breaches-13000-future-retail-spicejet-axis-bank-are-the-top-stock-movers-in-trade-today/articleshow/79382052.cms">Market at record high, Nifty hits 13,000 — Here are the top stock movers in trade today</a> <a href="https://www.businessinsider.in/business/startups/news/google-is-reportedly-in-talks-to-acquire-twitter-backed-indian-social-media-startup-sharechat/articleshow/79381248.cms">Google reportedly sets its eyes on Twitter-backed Indian social media startup Sharechat</a>

Seven of the top ten Nifty gainers in the last three months have been financials

<keyword id="9292761" type="UNKNOWN" weightage="20" keywordseo="equity-benchmark-sensex">Equity benchmark Sensex</keyword> dropped over 250 points in early trade on Thursday tracking losses in index-heavyweight HDFC twins, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> and Infosys amid weak trend in global markets. According to traders, profit-booking emerged at higher levels, dragging <keyword id="9677911" type="UNKNOWN" weightage="20" keywordseo="benchmark-indices-lower">benchmark indices lower</keyword>. The 30-share BSE index was trading 254.72 points or 0.55 per cent lower at 45,848.78. Similarly, the <keyword id="10338236" type="UNKNOWN" weightage="20" keywordseo="broader-nse-nifty">broader NSE Nifty</keyword> fell 79.60 points or 0.59 per cent to 13,449.50. <keyword id="6355596" type="DOMAIN" weightage="20" keywordseo="ultratech-cement">UltraTech Cement</keyword> was the top loser in the Sensex pack, shedding around 2 per cent, followed by Tata Steel, ONGC, IndusInd Bank, HDFC Bank, M&amp;M, Infosys and Reliance Industries. On the other hand, Maruti, Nestle India, Titan and PowerGrid were among the gainers. In the previous session, Sensex ended 494.99 points or 1.09 per cent higher at its <keyword id="988084" type="PERSON" weightage="20" keywordseo="lifetime-high">lifetime high</keyword> of 46,103.50, while Nifty rallied 136.15 points or 1.02 per cent to its new record high of 13,529.10. Foreign portfolio investors (FPIs) were net buyers in the capital market as they purchased shares worth Rs 3,564.23 crore on a net basis on Wednesday, according to provisional exchange data. "Domestic markets do not appear inspiring at the moment as global markets are trading in red," said Binod Modi Head-Strategy at Reliance Securities. US equities finished lower mainly led by selling pressure in technology stocks, he added. Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo were trading in the red in mid-session deals, while Shanghai was in the positive territory. Meanwhile, the global oil benchmark Brent crude futures were trading 0.53 per cent higher at USD 49.12 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/facebook-hit-with-2-massive-antitrust-lawsuits-from-the-ftc-and-46-states-seeking-to-spin-off-instagram-and-whatsapp/articleshow/79652195.cms" data-type="tilCustomLink">Facebook hit with 2 massive antitrust lawsuits from the FTC and 46 states seeking to spin off Instagram and WhatsApp</a> <a href="https://www.businessinsider.in/stock-market/news/airbnb-prices-ipo-at-68-per-share-will-raise-3-5-billion/articleshow/79653812.cms" data-type="tilCustomLink">Airbnb prices IPO at $68 per share, will raise $3.5 billion</a>

Markets off record high — Sensex drops over 250 points, Nifty tests 13,450

<keyword id="12161" type="LOCATION" weightage="20" keywordseo="San-Francisco">San Francisco</keyword>, <keyword id="6354427" type="COMPANY" weightage="20" keywordseo="apple">Apple</keyword> has lost a copyright battle against <keyword id="8023783" type="COMPANY" weightage="20" keywordseo="Corellium">Corellium</keyword>, touted by Forbes as a firm that provided the best cybersecurity product of the year, as a <keyword id="142435" type="POSITION" weightage="20" keywordseo="federal-judge">federal judge</keyword> in Florida rejected Apples claims that Corellium had violated copyright law with its software. The ruling has wide-reaching implications for <keyword id="6354606" type="COMPANY" weightage="20" keywordseo="iPhone">iPhone</keyword> security research and copyright law, reports The Washington Post. The judge ruled that "Corellium's creation of virtual <keyword id="57315" type="PERSON" weightage="20" keywordseo="iPhones">iPhones</keyword> was not a copyright violation, in part because it was designed to help improve the security for all iPhone users". "Corellium wasn't creating a competing product for consumers. Rather, it was a research tool for a comparatively small number of customers," the report quoted the judge as saying on Tuesday. The judge deferred ruling on a separate <keyword id="2437464" type="PERSON" weightage="20" keywordseo="Digital-Millenium-Copyright-Act">Digital Millenium Copyright Act</keyword> (DMCA) charge, but the result is still a significant setback for Apple. Founded in 2017, Corellium gave its customers the ability to run "virtual" iPhones on desktop computers. Corellium's software makes it unnecessary to use physical iPhones that contain specialised software to poke and prod iOS, Apple's mobile operating system. "We are very pleased with the Court's ruling on fair use and are proud of the strength and resolve that our clients at Corellium have displayed in this important battle," said the law firm Hecht Partners that represented Corellium. Apple did not immediately comment on the judgment. In the lawsuit, Apple argued that Corellium's products could be dangerous if they fall into the wrong hands because security flaws discovered by Corellium could be used to hack iPhones. "Apple also argued that Corellium sells its product indiscriminately, a claim Corellium denied". Apple attempted to acquire Corellium in 2018, according to court filings. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-sbi-hdfc-bank-wipro-ril-future-retail-tcs-jindal-stainless-upl-irctc-and-others/articleshow/80019871.cms">Top stocks to watch — SBI, HDFC Bank, Wipro, RIL, Future Retail, TCS, Jindal Stainless, UPL, IRCTC, and others</a> <a href="https://www.businessinsider.in/india/news/india-detects-14-new-cases-of-uk-covid-19-strain-putting-the-tally-at-20/articleshow/80020163.cms">India detects 14 new cases of UK COVID-19 strain, putting the tally at 20India detects 14 new cases of UK COVID-19 strain, putting the tally at 20</a> <a href="https://www.businessinsider.in/business/startups/news/2021-could-finally-be-the-year-of-indias-tech-ipos-as-startups-like-zomato-delhivery-policybazaar-head-for-the-public-markets/slidelist/80019978.cms">2021 could finally be the year of India’s tech IPOs as startups like Zomato, Delhivery, Policybazaar head for the public markets</a>

Apple loses copyright battle against Corellium

<ul><li><keyword id="10591" type="CITY" weightage="20" keywordseo="Samsung">Samsung</keyword> is reportedly looking to move more of its smartphone making business to India. </li><li>A report by Economic Times, citing sources, says the company is looking to produce devices worth $40 billion and export those in the $200-plus range. </li><li>The South Korean behemoth is in the middle of shutting down its manufacturing back home due to increasing costs of labour. </li></ul>In search of cheap labour, the South Korean smartphone manufacturer, Samsung, is reportedly looking to move some of its production line to India. The <a href="https://tech.economictimes.indiatimes.com/news/mobile/samsung-likely-to-move-part-of-smartphone-production-to-india/77582922">Economic Times</a> reported, citing sources, that the global giant is in the midst of finalising plans to produce devices worth over ₹3 lakh crore ($40 billion) locally. The development comes as the smartphone-making behemoth is in the midst of packing up its manufacturing process back home due to increasing labour costs. As of right now, Samsung manufacturers nearly half of its phones in Vietnam. It also has manufacturing bases in Brazil and Indonesia. According to the report, the company is looking to diversify its production lines for making smartphones in India under the Production Linked Incentive Schemes (PLI). The company did not respond to Business Insider India’s request for comment. Samsung gets in line beside Apple to set up base in India Samsung is among other smartphone manufacturers like Apple’s Foxconn and Wistron, who has filed an application with the government under the PLI scheme, according to IT minister Ravi Shankar Prasad. There has been a rush of contractors looking to shift bases as products from China come under more scrutiny across the world. India, alone, is the second-largest smartphone market in the world — one that manufacturers cannot afford to lose as India pushes the Atma Nirbhar agenda. Looking for the export advantage Samsung already has its largest mobile phone manufacturing unit in the world set up in Noida, from where it also exports to other countries. If Samsung were to expand its manufacturing base in India, most of the smartphones in the plus $200 segment will be exported — adding to India’s outgoing trade — according to the report. Currently, they only account for 2% of Samsung’s exports from the country. This includes mid-range devices like the Galaxy A31, Galaxy Note 20 5G, Galaxy S10e, and others. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-faces-class-action-lawsuits-from-two-us-based-law-firms/articleshow/77588049.cms">HDFC Bank faces class-action lawsuits from two US-based law firms — calls them 'frivolous'</a> <a href="https://www.businessinsider.in/tech/news/old-malware-makes-a-comeback-as-new-players-enter-cyber-warfare/articleshow/77585693.cms">Old malware makes a comeback as new players enter cyber warfare</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-hcl-tech-wipro-and-likes-are-hoping-global-5g-race-resumes-next-year-bringing-some-large-deals-before-that/articleshow/77583638.cms">Tech Mahindra, HCL Tech, Wipro and likes are hoping global 5G race resumes next year⁠ — bringing some large deals before that</a>

Samsung reportedly looking to move more of its smartphone making business to India

<ul><li><keyword id="33278" type="PERSON" weightage="20" keywordseo="Rahul-Bajaj">Rahul Bajaj</keyword> said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. </li><li>Former Prime Minister <keyword id="6359397" type="PERSON" weightage="20" keywordseo="manmohan-singh">Manmohan Singh</keyword> also said there’s a climate of fear and mistrust among various economic participants including industrialists, bankers and policymakers. </li><li>Vodafone Chief Executive Nick Read landed himself with two lawsuits after he hinted at possible collapse in India operation. </li></ul>Industrialist and Bajaj Group chairperson Rahul Bajaj is making waves for his remarks on the Modi government. The 81-year old said Indian businesses are worried about repercussions if they criticise Prime Minister Narendra Modi’s administration. “None of our industrial friends will speak about it, but I’ll say that openly, You’re (Narendra Modi led government) doing a good job, but despite that, we’re not confident you’ll appreciate if we openly criticise you,” said Bajaj. Bajaj alleged that government is creating an environment of fear where people are not allowed to question it The comment comes at a time when the health of India’s economic growth is worse than expected. Its GDP for the second quarter fell to 4.5%. Moreso, unemployment is rising, and the banking sector is in crisis mode. Bajaj earlier too said that times are difficult time for auto sector without neither demand nor investment. In November 2019, his <keyword id="6359783" type="COMPANY" weightage="20" keywordseo="bajaj-auto">Bajaj Auto</keyword> saw a 12% decline in sales,<a href="https://www.google.com/search?q=bajaj+auto+november+2019+sales&amp;rlz=1C1GCEU_enIN864IN864&amp;oq=Bajaj+Auto+november&amp;aqs=chrome.1.69i57j0l4.4855j0j7&amp;sourceid=chrome&amp;ie=UTF-8"> according to ET Auto. </a> Bajaj is among the handful of people who spoke against the government publicly. Former Prime Minister Manmohan Singh <a href="https://www.thehindu.com/business/Economy/45-gdp-growth-rate-unacceptable-worrisome-manmohan-singh/article30117648.ece">too said there’s a climate of fear and mistrust among various economic participants</a> — industrialists, bankers and policymakers. Here are a few others who dared to bell the cat Vodafone Chief Executive Nick Read landed himself with two lawsuits 
 
 
 
 
 
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 Vodafone chief executive Nick Read landed himself with two lawsuits. In November 2019, Vodafone CEO hinted to reporters in London about a possible collapse of its Indian operation if the government does not give relief to the massive deferred spectrum dues amounting<a href="https://www.businessinsider.in/business/corporates/news/vodafone-idea-posts-a-historic-50000-crore-loss-over-agr-dues/articleshow/72064458.cms"> to ₹44,150 crore. </a>As soon as the press conference was over, two lawsuits were filed against him, <a href="https://www.scmp.com/week-asia/economics/article/3038987/tax-terrorism-indias-slowing-economy-takes-deadly-turn-modis">reported South China Morning Post</a>. Union Telecom and Communications Minister Ravi Shankar Prasad is known to have “expressed disapproval and displeasure over the tone and tenor” of the comments to <keyword id="6354955" type="PERSON" weightage="20" keywordseo="Kumar-Mangalam-Birla">Kumar Mangalam Birla</keyword>, Vodafone’s JV partner. A day later, Read<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr"> apologised</a> to the Indian government and blamed the media coverage for distorting his remarks. He further asserted that Vodafone will “<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/government-unhappy-over-vodafones-biz-uncertainty-remarks-ceo-says-media-distorted-statement/articleshow/72045518.cms?from=mdr">remain invested” in India.</a> Kumar Mangalam Birla criticised the UPA government 
 
 
 
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 Not just the Modi government, even the UPA was merciless when it came to dealing with dissenters. In 2012, Kumar Mangalam Birla the billionaire promoter of the $48.3 billion Aditya Birla Group, famously gave <a href="https://www.business-standard.com/article/companies/policy-paralysis-has-shaken-investors-confidence-birla-112081800054_1.html">currency to the phrase </a>'policy paralysis' which went on to describe the second five-year term of the Manmohan Singh government. What he didn't know was that soon after the sleuths at CBI would chase him after a surprise raid at a Hindalco office found Rs 5 crore unaccounted cash in its premises. This money got linked to the infamous coal allocation scam. While the firm lost its coal mine <a href="https://www.forbes.com/sites/naazneenkarmali/2013/10/15/billionaire-kumar-birla-dragged-into-indias-coalgate-scandal/#5d145b0e180a">Talbira II in Odisha</a>, Birla himself has since been acquitted in the case of the cash in one of his offices. HDFC chairman <keyword id="6448020" type="PERSON" weightage="20" keywordseo="Deepak-Parekh">Deepak Parekh</keyword> said there's no ease of doing business in India 
 
 
 
 
 
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 A year after Modi’s landslide win in 2014,<a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html"> Parekh said Prime Minister had a lucky period in these nine months. </a> “The world commodity prices are at all-time low which help India the most. I don’t see ease of doing business changing so far,” <a href="https://www.hindustantimes.com/business/pm-had-9-lucky-months-impatience-creeping-in-now-deepak-parekh/story-GYM46n0eEOFUmEA44EXwMJ.html">he had said</a>. But he had to eat his words, and <a href="https://www.businesstoday.in/opinion/perspective/narendra-modi-govt-nine-months-deepak-parekh/story/220994.html">do a complete U-turn within five months</a>. What transpired behind the scenes is anybody's guess. India has lost confidence of the world: Ratan Tata 
 
 
 
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 In 2016, Ratan Tata the chairman emeritus of the <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword> said <a href="https://www.thehindu.com/business/Economy/india-has-lost-confidence-of-the-world-ratan-tata/article5068063.ece">India has lost the confidence of the world </a>and the government has been slow to recognise it. He said the government has “swayed” under the influence of vested interests in the private sector and policies have been “changed, delayed and manipulated”. Tata, who demitted office as Tata group chairman last December, said that Prime Minister Manmohan Singh has held India’s “esteem high but in recent times we have lost it”. Ironically, this was the same year when BJP MP Subramanian Swamy <a href="https://www.businesstoday.in/current/economy-politics/ratan-tata-most-corrupt-chairman-in-history-of-tata-group-says-subramanian-swamy/story/239254.html">filed a complaint against Tata, lobbyist Niira Radia, former Telecom Minister A. Raja and senior Unitech officials for</a> allegedly laundering money to Unitech companies to obtain 2G spectrum licence. Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official 
	
 
 <div type="image" title="Bengaluru: Biocon Chairperson and MD Kiran Mazumdar-Shaw addresses during a pres..." msid="72335493" hostid="261" caption="&amp;lt;p&amp;gt;Biocon Chairperson and MD Kiran Mazumdar-Shaw addresses during a press conference to announce the upcoming event &amp;#39;Bengaluru Tech Summit 2019&amp;#39;, in Bengaluru.Photo) (&amp;lt;/p&amp;gt;"></div>





 After the unfortunate <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">death</a> of VG Siddhartha of Cafe Coffee Day, his billionaire friends from Bengaluru chimed in his support blaming aggressive tax officials for the demise of the coffee baron. However, Kiran Mazumdar Shaw, an iconic entrepreneur in the pharmaceuticals space, was asked to shut up by a government official. Shaw revealed <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">to the Telegraph. </a> See also <a href="https://www.businessinsider.in/Narendra-Modi-has-a-new-problem-big-corporates-and-moneybags-are-angry/articleshow/70450878.cms">Narendra Modi has a new problem – big corporates and moneybags are angry</a>

You Searched For "hdfc bank lawsuit" and got 12 results

HDFC Bank faces class-action lawsuits from two US-based law firms — calls them 'frivolous'

Prabhjote Gill

HDFC Bank denies charges by US law firm, called them 'misleading'

PTI

Rosen Law to initiate class action lawsuit against HDFC Bank

IANS

Prima facie it looks frivolous: HDFC Bank on lawsuit plan in US (Ld)

IANS

Tata Motors, HUL and ONGC top the losers list as Nifty skids at near record highs

IANS

US-based law firm files class action suit against HDFC Bank

IANS

Top stocks to watch — IRCTC, HDFC Bank, TCS, TVS Motor, Dalmia Bharat, UltraTech, ACC, Ambuja, and others

Navdeep Yadav

Seven of the top ten Nifty gainers in the last three months have been financials

Prabhjote Gill

Markets off record high — Sensex drops over 250 points, Nifty tests 13,450

PTI

Apple loses copyright battle against Corellium

IANS

Samsung reportedly looking to move more of its smartphone making business to India

Prabhjote Gill

From Deepak Parekh to Vodafone CEO Nick Read — 5 times corporates criticised Indian government and ran into trouble

Preeti Soni

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