The measures announced by the government to cool down prices of key items and certain industrial commodities have caused a sharp fall in steel prices.
The stock price of recently listed life insurance major LIC crashed nearly 6% in Monday’s weak market after the one-month post-listing lock-in for anchor investors in its initial public offer (IPO) ended. This triggered fears among other investors that these large institutions, already deep in the red, may now sell to cut their losses.
As the rupee hit a new low of 78. 28 in intraday trade and closed below the 78 level for the first time, bankers say that even if the currency of India’s trading partner has depreciated along with the rupee, imports would still be costlier as billing is in dollars, and most importers do not have bargaining power.
As trade negotiators got down to working out a package, India on Monday called for talks for a TRIPS waiver on Covid therapeutics and devices after working out a plan on patent waiver for vaccines.