After NPAs, the AGR debacle and Yes Bank row, Indian banks now have to deal with coronavirus. Indian airlines are looking a 50 per cent decline in demand. IndiGo has grounded 16 planes and asked its employees to take a salary cut. Read for more top stories from the world of business and economy.
COVID-19 pandemic was like a bolt from the blue. Over the last seven years, the banks had braved the first of its kind balance sheet clean up with RBI's asset quality review for stressed loans.
The benchmark indices Sensex and Nifty crashed around one-third from their peaks in January this year, while the rupee hit Rs 75 a dollar, reflecting gloom and doom in the economy post the outbreak of coronavirus.
Indian aviation is staring at grimmer times with demand possibly dipping with the government urging people to cut down on non-essential travel, according to a report by Centre for Asia Pacific Aviation India.
As the coronavirus scare grips the domestic market, airlines are witnessing large-scale cancellations and rescheduling even among Indian passengers.
Banking stocks led the losses today with BSE bankex tanking 2,267 points intra day to 21,256. Bank Nifty, too, crashed 1,900 points to 18,675 in early trade before recovering to 19,945 in afternoon session.