Sunday, September 20
Viceroy Research's report on the Vedanta group lacks credibility, former chief justice of India DY Chandrachud said on Friday, referring to the short-seller's reports on the group over the past few days."Viceroy has a track record of taking short positions in listed companies and then publishing misleading reports to profit unlawfully from the resulting market impact," Chandrachud said in a report. ET has seen a copy of this report.The Vedanta group had sought his opinion after the US-based short seller has published a series of reports against the group, terming Vedanta Resources a 'parasite' company, apart from pointing out several other alleged irregularities.
Axis Bank tightened its asset classification and income recognition norms, signalling a more conservative credit approach that appears to have dented the lender's June-quarter profitability. An unexpected bottom-line shrinkage caused the stock to slump more than 5% Friday, forcing a retreat of the Nifty on which Axis Bank has the third-biggest weighting among private lenders."Asset classification happens on a days-past-due (DPD) counter basis, but classification can also occur based on qualitative parameters," said Puneet Sharma, CFO of Axis Bank, during the post-earnings analyst call. "These are non-DPD-led parameters that have been tightened, resulting in higher slippages for the quarter." Sharma explained that under the previous norm, if a borrower with a ₹100 personal loan was five d
