A look at the headlines in the sector:

  1. India’s services sector declined in November for the first time in three months, shows data: The services Purchasing Managers’ Index fell to 48.5 in November from 51.7 in October. 
  2. Fitch cuts India’s 2017-’18 growth forecast further to 6.7%, says latest GDP numbers not good enough: The ratings agency had trimmed its projection for India’s economic growth this financial year in October, as well.   
  3. Ask yourself if Mallya planned to default on loans or if it was a business failure, says his lawyer: The prosecution on Monday told the court that the liquor baron had misled IDBI Bank in 2009 about his company’s net worth in order to get loans.   
  4. Markets pare losses in afternoon trade, but close in negative ahead of RBI’s policy meeting: All other major Asian markets also closed in negative on Tuesday.
  5. Beijing temporarily stops funding 3 China-Pakistan Economic Corridor road projects, reports Dawn: The measure will be in place till the Chinese government issues new finance guidelines, a Pakistani government official said.   
  6. Irish government reaches deal with Apple to collect €13 billion in unpaid taxes: The European Commission had ruled that tax benefits the company received from Ireland were illegal under European Union rules.   
  7. Patanjali will now make solar power equipment, Managing Director Balkrishna tells Mint: The company aims to further its ‘swadeshi’ credentials by manufacturing of solar power equipment locally.   
  8. World Health Organization to review safety data of French drugmaker Sanofi Pasteur’s dengue vaccine: The Philippines ordered an investigation after the company said the vaccine – Dengvaxia – could worsen the disease in some cases.