HSBC Holdings Plc and Deutsche Bank AG are among four banks that may be replaced as arrangers for Steel Authority of India Ltd. ’s share sale after they agreed to work for a rival, Steel Minister Virbhadra Singh said.
Yes Bank Ltd., the best-performing Indian bank stock last year, has lost almost half its market value in less than a month on investors’ concern that a record surge in interest rates will erode profits and boost defaults.
Bad loans at Indian banks are headed for a decade high as the slowest economic growth since 2003 and Asia’s highest interest rates strain corporate finances, according to the nation’s largest debt reconstruction company.
Indian billionaires including Kumar Mangalam Birla are vying to set up banks in the world’s second- most populated nation after rules were eased to allow companies into the business and tap rural savings.
Maruti Suzuki India Ltd. and Hyundai Motor Co., the nation’s biggest carmakers, will have to raise prices of vehicles sold overseas to maintain profitability as a plunging rupee raises costs amid stagnating demand at home.