The Bengaluru bench of NCLT sent Flipkart for insolvency proceedings; the e-commerce company managed get a stay on the order, though. Sensex rallied to yet another all-time high of 40,606.91. Newcomer Kia Seltos beats marker favourite Hyundai Creta in terms of monthly sales figures. Read for more top stories from the world of business and economy:
CloudWalker, which imported and retailed LED TVs on Flipkart's platform, dragged the company to the NCLT for non-payment towards procured imported TVs as per the supply agreement.
While Sensex breached earlier record high level to hit a fresh all-time high of 40,606.91 mark on Wednesday, Nifty made an intraday high to 12,002.90 level, trading 0.80% or 100 points away from the 52-week high of 12,103.05.
Consolidated revenue fell 15.44 per cent to Rs 34,579.18 crore in July-September quarter of the current fiscal as against Rs 40,897 crore in the year-ago period.
Senior counsel for Adani Properties told the Bombay High Court that the company is ready to put the full amount in a no-lien bank account if the transaction deadline is deferred to February 7 from November 7.
Kia Seltos has outsold Hyundai Creta in each of the last three months since its launch in August; Kia's heavily competitive price and impressive features propelled it to the 5th spot in the list of top-selling automakers in India.