Etihad Airways submits bid to acquire additional minority stake in Jet Airways. RIL loses ‘most valuable’ tag as it loses INR1L cr in mcap in under 5 days. Competition Commission of India to investigate antitrust case against Google’s Android. Uber's shares fall nearly 9% in their debut. US-China trade talks end without a deal. Trump orders raising tariffs on all remaining imports from China.
Moving on to the top Business news of the day.
RIL loses ‘most valuable’ tag as it loses INR1L cr in mcap in under 5 days. Thyssenkrupp-Tata Steel deal collapses as European Commission blocks the proposed JV. Etihad Airways submits bid to acquire additional minority stake in Jet Airways.
New King: Reliance Industries Ltd lost its top position as the country’s most valuable company by market capitalisation on Thursday with Tata Consultancy Services (TCS) regaining the spot for the first time since January 10.
The development comes as RIL lost nearly INR1L cr in market value in the past five sessions, as the stock was pulled down c. 11% on back of nervous mood in the market and bearish commentary from some brokerages.
Worst Hit: Analysts noted that foreign portfolio selling in the past three days has weighed down the market. Reliance, which has the highest weightage on the Sensex and Nifty50 indices, subsequently, has been one of the worst hit.
You Have Hit A Block: Thyssenkrupp-Tata Steel deal collapses as European Commission blocks the proposed joint venture. Tata Steel will now explore new options after the fallout.
Big Plans: Tata Steel and ThyssenKrupp had signed definitive agreements in June 2018 to combine their steel businesses in Europe to create a 50-50 pan European joint venture company which would be the continent's second-largest steel company after Lakshmi Mittal's ArcelorMittal.
The Commission opened an "in-depth" investigation into the proposed merger in October last year amid concerns that a deal between the two steel majors may reduce competition in the supply of various high-end steels.
Eleventh Hour Bid: Etihad Airways, which holds 24% stake in Jet Airways on Friday submitted a binding bid to acquire additional minority stake in Jet Airways in the bank-led resolution plan. Lenders had put 75% stake of Jet Airways on sale.
Conditions Apply: Etihad, which has put several conditions before the lenders including a waiver from making a mandatory open offer, is the only candidate which submitted the binding bid among the four short-listed bidders selected earlier through the Expression of Interest (EoI) process. The others were TPG Capital, Indigo Partners and National Investment & Infrastructure Fund (NIIF).