Information technology stocks saw heavy selling on domestic bourses amid reports that the US was planning tightening of visa norms to protect American workers. Bharti Airtel filed a review petition in the Supreme Court for the waiver of penalty in the AGR case, which put a burden of Rs 35,586 crore on the company. The CSB Bank's Rs 410 crore initial public offering (IPO) has got an overwhelming response from investors. Read for more top stories from the world of business and economy:
Infosys was the top loser in the Sensex pack, falling as much as 4 per cent, while shares of India's second-most valuable company TCS declined as much as 2.64 per cent in intraday trade.
Airtel has to pay Rs 35,586 crore to the government, of which Rs 21,682 crore is licence fee and another Rs 13,904 crore is the spectrum usage charges (not including the dues of Telenor and Tata Teleservices).
The segment for retail investors was subscribed nearly 5 times, while the category for non-institutional investors received subscription of 7 per cent. The quote for qualified institutional buyers is yet to get subscription.
While Britannia is likely to introduce price changes by the next 3-4 months, Parle may hike prices be by the last quarter (January-March) of the current financial year.
Wipro founder Azim Premji has in March this year earmarked 34% of the company's shares worth Rs 52,750 crore ($7.5 billion) for philanthropic activities, taking his total commitment to Rs 1.45 lakh crore.