Meanwhile, Indian telecom giant Bharti Airtel announced a groundbreaking partnership with Elon Musk’s SpaceX to introduce Starlink satellite internet services in India, aiming to expand connectivity to underserved regions.
In global markets, Tesla shares suffered their worst drop in over four years, falling 15% as analysts slashed delivery projections, while former US President Donald Trump pledged to buy a Tesla to show support for Elon Musk.
On the trade front, the US is pushing for a grand bilateral trade deal with India, seeking zero duties on Tesla cars and other products, as negotiations intensify.
Domestically, India continues to grapple with severe pollution, with six of the world’s nine most polluted cities, including Delhi, which remains the most polluted capital globally.
In neighbouring Pakistan, a train hijacking by Balochistan militants left six dead and hundreds taken hostage.
IndusInd Bank shares tank 27% in biggest fall on record
Shares of Mumbai-based private lender IndusInd Bank Ltd. fell 27% on Tuesday, after more analysts who have coverage on the lender have issued downgrades and cut their price target on the stock. This, after the bank informed the exchanges of another negative development on Monday, March 10.
IndusInd Bank, after market closing on Monday, informed the exchanges that it has noted discrepancies during its detailed internal process review, which relates to its derivative portfolio or internal positions taken to hedge forex deposits or borrowings.
The lender estimates an adverse impact of 2.35% of its net worth during the first nine months of the current financial year. It plans to take a ₹15,800 crore hit post-tax during the March quarter due to these findings.
Also read: What’s gone wrong at IndusInd Bank? Crisis timeline and Street view
IndusInd Bank CEO Kathpalia says RBI may be ‘uncomfortable’ with his leadership skills
IndusInd Bank CEO Sumant Kathpalia said the Reserve Bank of India (RBI) may have concerns about his leadership, which could be why the regulator granted him only a one-year extension instead of the board’s recommended three-year term.
His remarks came during an analyst call on Monday (March 10), Business Standard reported.
Kathpalia addressed concerns about discrepancies in the bank’s internal review of accounts related to its derivatives portfolio.
These discrepancies are expected to impact the bank’s net worth by 2.35% as of December 2024.
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Nifty closes higher; Nifty Bank falls 363 points on IndusInd Bank concerns
The Indian stock market ended mixed on Tuesday, with the Nifty index recovering from early losses to close near the day’s highs, while financial stocks, particularly IndusInd Bank, underperformed due to accounting-related concerns.
The Nifty 50 reversed from the support level around 22,300 and ended the session with a gain of 38 points at 22,498. The Sensex slipped 13 points, closing at 74,102. While the broader market showed some positive momentum, the Nifty Bank index plunged 363 points to 47,854, dragged down by a steep fall in IndusInd Bank shares
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Ridham Desai of Morgan Stanley says ‘no idea if market is at bottom’, but…
Ridham Desai of Morgan Stanley India believes that it is very hard to time the bottom in a market and that he has “no idea whether Indian equities are currently at a bottom” after a 15% fall from their peak.
“However, I can say the stocks are attractive,” Desai told CNBC-TV18 in an exclusive interaction on Tuesday, March 11.
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Airtel partners with Elon Musk’s SpaceX to bring Starlink internet to India
Indian telecom giant Bharti Airtel announced a partnership with Elon Musk’s SpaceX on Tuesday to introduce Starlink’s high-speed satellite internet services in India.
The agreement, the first of its kind in the country, is subject to SpaceX securing regulatory approvals to sell Starlink services in India.
The collaboration aims to enhance Airtel’s connectivity solutions by integrating Starlink’s satellite technology, the company said in a release. Both companies will explore avenues such as offering Starlink equipment in Airtel retail stores, providing satellite broadband to business customers, and expanding connectivity to remote areas, including schools, healthcare centers, and underserved communities.
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Tesla shares fall 15%, the most since 2020 on pullback in sales estimates
Tesla Inc. shares plunged to their worst day in more than four years, extending a slide in 2025 amid growing concerns on Wall Street about demand for the company’s electric cars.
Its stock tumbled 15% on Monday after UBS Group AG’s Joseph Spak cut delivery projections both for the first quarter and the full year. Robert W. Baird & Co. analyst Ben Kallo similarly lowered his estimates for Tesla deliveries on March 6.
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Donald Trump says he’ll buy a Tesla to support Elon Musk after shares plunge
US President Donald Trump said he’ll buy a “brand new” Tesla to support Elon Musk, after shares of the electric car maker had their worst day in four years amid a growing backlash over Musk’s political allegiances.
In a post just after midnight in Washington, Trump said he will buy a new Tesla “tomorrow morning” as a “show of confidence and support for Elon Musk, a truly great American. Why should he be punished for putting his tremendous skills to work in order to help MAKE AMERICA GREAT AGAIN???” Trump didn’t specify which Tesla model he would buy.
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US wants a grand trade deal with India, no sector is off the table, says US Embassy spokesperson
Days after India and the US formally started negotiations on a bilateral trade agreement, US Embassy spokesperson Chris Elms said President Donald Trump’s “Fair and Reciprocal Plan” is aimed at correcting long-standing imbalances in international trade and bringing back fairness to America’s trade relationships.
According to reports, the US has sought zero duties on all products traded with India, excluding agriculture. News agency Reuters reported that the US has sought zero duties on Tesla cars exported to India. However, the US Embassy spokesperson said no sector was off the table.
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Modernising India’s Air Force — Key areas for IAF modernisation
A high-powered committee led by Defence Secretary RK Singh has found that the Indian Air Force (IAF) faces critical modernisation and preparedness challenges. The report emphasises addressing gaps in short, medium, and long-term capabilities, urging greater involvement of the private sector alongside defence PSUs and DRDO. The IAF currently operates with 31 squadrons, far below the sanctioned strength of 42.5 squadrons, and many aircraft are set to be phased out.
The Tejas Light Combat Aircraft production, delayed due to engine issues, is expected to stabilise with monthly engine deliveries starting March. The IAF seeks to procure 114 multi-role fighter jets with 4.5-generation capabilities, while aiming to induct 12 Tejas jets this year and 20 annually thereafter. The government also plans to enhance competitive bidding in defense manufacturing, boost exports to ₹50,000 crore by 2030, and strengthen the indigenisation effort.
Pakistan train hijack: Balochistan militants attack Peshawar-bound train, 6 killed and hundreds taken hostages
Armed men attacked the Peshawar-Quetta Jaffar Express train on Tuesday in Balochistan’s Mach area, reports confirmed. The train, which was traveling from Quetta in Balochistan province to Peshawar in Khyber Pakhtunkhwa, came under heavy fire during the assault.
“There are reports of intense firing at a Jaffar Express [train] going from Quetta to Peshawar,” said Shahid Rind, a spokesperson for the Balochistan government, according to Pakistani daily Dawn.
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India has the world’s most polluted cities and, of course, Delhi is the worst capital to breathe in: Report
India has six of the nine most polluted cities in the world. Byrnihat in Assam recorded the highest PM2.5 levels, while Delhi, of couse, remains the most polluted capital globally.
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