In the news: Sensex crash, RBI dollar buy, Flipkart website to close and more

Though there is not a single business news story which can be termed less important, there are some which stand out among those we cover during a day. Here are the top five of them which we found the most relevant today.

• Daiichi Sankyo to sell stake in Sun Pharma  Japan's Daiichi Sankyo Company is selling shares worth up to $3.6 billion in Sun Pharmaceutical Industries , setting it on course to retreat from India after a rollercoaster seven years.

• Sensex tanks 555 pts to 3-wk low on tepid earnings, tax worries This was the fourth consecutive session of downtrend in the 30-share index, which has now lost around 1,160 points since crossing 29,000-levels last Monday.

• Indian economy clearly on recovery path: FM Jaitley Indian economy is now clearly on a recovery path with a 7.4 per cent growth in the first three quarters and the new government is committed to maintain overall macroeconomic conditions on a sustained basis, Finance Minister Arun Jaitley has said.

• RBI's dollar purchase highest in seven years The Reserve Bank of India 's (RBI) net purchase of dollars touched a seven-year high of $49.2 billion in April-February 2014-15. The move was aimed at reducing rupee volatility on account of higher inflow and increase forex reserves to cushion any external shock.

• Flipkart to close website by year-end According to a report, online retail giant Flipkart is planning to shut down its website by the end of this year. Flipkart -owned Myntra, a popular online shopping retailer specialising in clothing and accessories, recently announced it would close its web portal from May 1.