The business wrap: Rupee drops to record low of 68.86 against the dollar, and six other top stories
Former Tata Group executives dismissed Cyrus Mistry's claims, and Indian markets were hit by the falling Indian currency and the demonetisation move.
A look at the headlines in this sector right now:
- Rupee hits record low of 68.86 against the dollar: Experts worry that it could breach 70 over the next few weeks.
- Former Tata Group executives refute ousted chairman Cyrus Mistry’s claims: While FC Kohli said there was never any plan to sell TCS, B Muthuraman said Mistry’s comments about the Corus acquisition were ‘speculative and biased’.
- Sensex ends 192 points down, Nifty closes below 8,000 as markets react to rupee, demonetisation: The National Stock Exchange index has dropped by 6.76% since the government discontinued Rs 500 and Rs 1,000 notes.
- Demonetisation is an organised loot, could lower GDP by 2%, says Manmohan Singh: The former prime minister said that while he did not disagree with the objectives of the move, it was a monumental management failure.
- Centre extends use of old notes for toll tax on highways till midnight on December 2: The Narendra Modi administration is also expected to allow government facilities, hospitals and petrol pumps to accept Rs 500 and Rs 1,000 notes.
- Idea Cellular aims to expand its 4G services to 20 circles this financial year: The mobile carrier said it plans to spend more than Rs 7,500 crore to broaden its wireless broadband network across the country.
- GST Council meeting postponed to December 2-3: State and central officers will meet on November 25 to finalise the three draft legislations – central GST, integrated GST and a law on compensation.