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ET Daily Rundown (ET Online)

Infosys' biggest fall in six years

02:09 Min | October 22, 2019, 6:19 PM IST
IT giant Infosys took a hit following whistleblower allegations; Former Finance Minister P Chidabaram got bail, but is still in jail. Listen in for all the news from the day and more.
Transcript
Transcript:
And we have a drop again
Infosys - India’s corporate poster boy
Has taken its largest hit in six years
The IT giant took a 16% hit
Dropping 125 pts from close yesterday
The drop follows on the heels of a whistleblower complaint
The letter is a complaint about the CEO’s air travel to the USA
Investigations into the allegations are underway
Hello, I’m Rahul Aripaka
And I’m Sakshi Prashar
Welcome to ET’s Daily Rundown
In a new policy change, RBI has changed the way banks go after retail loans
As of now, banks have agents
Who verify documents and - essentially get more customers
So, the people who run around and annoy people into taking a loan
They’re just doing their job!
The RBI just outlawed those jobs
Well, not if they carry biometric devices to perform e-KYC
But those devices aren’t exactly cheap
Which means banks can’t equip all their agents with them
They will have to figure out new ways of sourcing loan and credit card customers
That’s a lot of work.
In other news, Former FM P Chidambaram got bail
But, he’s still in jail?
Well, for a different case. He made bail in the INX Media case
Oh
In today’s celebrity crossovers
Nobel Laureate, Abhijit Banerjee met PM Modi
And has a few good things to say about the PM’s signature Ayushman Bharat scheme
Or Modicare
Also Walmart’s CEO has written a letter to PM Modi
People write letters all the time
Yes, but this one was a tense one that expressed concerns about India’s FDI policy
Is this when they overhauled their business model?
Yeah. Both Flipkart and competitor Amazon had to change their pricing strategy
After the government went hard on the e-retailers for alleged predatory pricing
Plus, the e-retailers also have to deal with a trade body uproar
Which does explain the worried letter

Script: Rahul Aripaka
Hosts: Rahul Aripaka, Sakshi Prashar
Producer: Sakshi Prashar

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Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service