Newsmakers: Sensex crash, Tech Mahindra earnings and more

Finance Minister Arun Jaitley said the government will take a view on the draft Indian Financial Code, which proposes to dilute powers of the RBI chief , after receiving comments from stakeholders. FSLRC has made its recommendations, which have been made public for comments. After the comments are received, it is only then that the government will take a view, he told reporters in New Delhi.

Jewellery firm Rajesh Exports has bought Valcambi, the world's largest gold refining company, in an all-cash deal worth $400 million as it looks to secure raw material supplies at competitive prices. After the acquisition, the world's largest gold jewellery maker will expand capacity at it's India-based refinery, Rajesh Mehta, the company's chairman told Reuters.

Lava launched its second-generation Android One smartphone, Pixel V1, for Rs 11,350 on Monday. The 5.5-inch phablet will be available via both online and the offline channel. The Pixel V1 features a 5.5inch HD (1280x720p) IPS display and has Asahi Dragon Glass protection. It is powered by 1.3GHz MediaTek quad-core 64-bit processor and is paired with 2GB of RAM.

Massive selling in the stock market wiped out Rs 1.50 lakh crore from total investor wealth on the BSE on Monday as sentiments turned bearish on worries that the stricter norms for participatory notes may hit foreign investments. Besides, a sharp 8 per cent fall in Chinese stocks on worries that their economy is heading for a sharp slowdown added to the sell-off in domestic equities.

IT firm Tech Mahindra on Monday posted a 7.2 per cent rise in net profit at Rs 676.07 crore for the quarter ended June 30, 2015. This is against a net profit of Rs 630.72 crore in the year-ago period, Tech Mahindra said in a statement.