ICICI Bank share price slumps, Axis share price falls after Fitch downgrades the two. Facebook, Amazon, Netflix, and Google lose $137bn in stock market value on back of regulatory concerns. Growth of Ola and Uber India almost flat over the last six months. RBI bars SR Batliboi from auditing books of commercial banks for a year. IL&FS Financial Services took loans by keeping lenders in the dark about adverse regulatory findings on its ability to meet liabilities, reports SFIO. Nikelani panel suggests changes to encourage digital payments, suggests 24x7 NEFT, RTGS, elimination of all charges. App-based services that employ gig workers have some of the worst working conditions among Indian startups, according to study.
Moving on to the top Business news today:
ICICI, Axis share prices fall after Fitch downgrades the two. RBI bars SR Batliboi from auditing books of commercial banks for a year.
Downgrade: ICICI Bank and Axis Bank shares fell around a percent each intraday today after global rating agency Fitch downgraded both by a notch on back of weakening financial health of the private sector banks.
Fitch Ratings has downgraded both ICICI Bank as well as Axis Bank's Long-Term Issuer Default Rating (IDR) to 'BB+' from 'BBB-' and its Viability Rating to 'BB+' from 'BBB-'. The Outlook on the IDR is Stable.
That’s New: In the first such case, the RBI has banned audit firm SR Batliboi & Co. LLP, member of global auditing firm EY, from carrying out audit assignments in commercial banks for one year beginning April 1.
The move comes on back of lapses identified in a statutory audit assignment carried out by the firm.