Markets were left high and dry last week, as the 'Monsoon Effect' played havoc on trader sentiment.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
Vijay Mallya has lost control of his companies.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
Indian billionaires do not believe in sitting on their wealth.
Few top honchos of India Inc did very well in 2014.
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