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Biz EOD: Trouble brewing for India Inc; Rana Kapoor sent to judicial custody; Bulls back on D-Street

BusinessToday.In     March 21, 2020

Indian companies are staring at substantial pay cuts and delay in increments this year as coronavirus continues its rampage across the world. Yes Bank founder Rana Kapoor has been sent to judicial custtody after his ED custody ended on Friday. Recovering from 4 sessions of straight fall, BSE and NSE indices closed 5.8 per cent higher on Friday. Read for more top stories from the world of business and economy:

1. India Inc stares at pay-cuts, postponement of increments in coronavirus-hit industries

IndiGo CEO Ranojoy Dutta, has announced that he would be taking a 25 per cent pay cut, while his other senior colleagues would be taking a 20 per cent hit in their salaries.

2. Banks have Rs 11 lakh crore in coronavirus-hit sectors

Loan outstanding against trade (import and export industries) is the highest at Rs 5.19 lakh crore followed by MSMEs, Rs 4.73 lakh crore.

3. Yes Bank crisis: Founder Rana Kapoor sent to judicial custody till April 2

Rana Kapoor, former managing director and CEO of Yes Bank, was under the Enforcement Directorate (ED) custody till March 20.

4. Yes Bank plans to raise Rs 20,000 crore via certificate of deposits

CRISIL has assigned its 'CRISIL A2' rating to the Rs 20,000 crore certificate of deposit programme of Yes Bank on expectation of continued extraordinary systemic support from key stakeholders, including SBI.

5. Sensex overcomes Friday blues, reclaims 30K mark: 10 things to know

Recovering from 4 sessions of straight fall, BSE and NSE indices closed 5.8% higher today. The 30-share index ended at 29,915, rising 1,629 points and the 50-share barometer closed 483 points higher at 8,745.

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