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Stock Market News - Cipla Falls, Lakshmi Vilas Bank Hits 5%

NEWS ALERT | Fashion retailer 'Forever 21' files for bankruptcy: Reuters


Cipla Falls After U.S. FDA Issues 12 Observations Shares of the pharmaceutical company fell as much as 4.1 percent to Rs 421.55. The U.S. Food and Drug Administration issued 12 observations for the drugmaker’s Goa plant after conducting Current Good Manufacturing Practice inspection between Sept. 16-27, according to its stock exchange filing.

Reliance Nippon Life AMC Rises After Reliance Capital Completes Stake Sale Shares of Reliance Nippon Life Asset Management Company rose as much as 3.4 percent to Rs 274.37. Reliance Capital announced the completion of 21.54 percent stake sale in its mutual fund arm Reliance Nippon Life Asset Management Ltd. to joint venture partner Japan's Nippon Life Insurance for Rs 3,030 crore. 

Indiabulls Group Stocks Decline; Indiabulls Ventures Falls Over 14% Shares of Indiabulls Group stocks extended declines for the second consecutive trading session. This after the Delhi High Court on Friday has agreed to hear a plea seeking probe against Indiabulls Housing Finance Ltd. for allegedly advancing dubious loans, misappropriation, and diversion of funds to the promoters of Indiabulls.

Lakshmi Vilas Bank Hits 5% Lower Circuit For Second Day Shares of Lakshmi Vilas Bank hit their lower circuit of 5 percent for the second consecutive trading session. The Reserve Bank of India put the bank under the Prompt Corrective Action framework. The bank clarified that PCA does not mean moratorium for the bank. There are no restrictions on operations by depositors. Bank can also undertake lending activities to all segments except corporates and other stressed and high-risk sectors.

Top Gainers & Losers -

Cipla, Yes Bank, Vedanta, JSW Steel, and Tata Steel are the top losers on the Nifty. Among sectors, buying seen in the IT and energy space, while auto, bank, metal, pharma are under some pressure.

Rupee Opens: The Indian rupee opened higher by 14 paise at 70.42 per dollar versus Friday's close 70.56.

Crude Update: Oil prices edged higher on Monday, rebounding from a two-week low in the previous session, although gains were checked by concerns about the outlook for the global economy.

Yes Bank shares plunge 6% - Yes Bank shares exteded decline on Monday to tumble more than 6% after Rana Kapoor-led promoter entities cut stake in the bank. Yes Bank shares are down more than 7% to Rs 45.30 on NSE. Yes Capital (India) (YCPL), part of the promoter group of Yes Bank, on Thursday sold a 1.8% stake in the bank.

63 Moons Technologies Gains After Stake Acquisition Shares of 63 Moons Technologies rose as much as 4.9 percent to Rs 133.85. The company completed the sale of 55.35 percent stake in Atom Technologies to NTT Data. The company continues to hold 36 percent stake in Atom Technologies and will have one-third representation on board as well.


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