Delayed project delivery and unrealistically high real estate prices, which developers are unwilling to lower despite piled up inventories, have adversely hit the sector.
Markets recovered in late trades, amid firm European cues, led by rebound in financials and gains in IT shares.
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With new private banks in the play, the going could become more difficult for the old-school state-run banks, already losing business and market position, forcing them to think hard towards consolidating and forming larger entities to garner big-ticket deals.
Action against auditors, last of the 276 recommendations of a JPC probing Ketan Parekh scam, is still pending.
The Nifty had hit its third successive record high of 7,922.70 today.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
Markets extended gains led by financials and capital goods shares coupled with a rebound in IT shares.
A much-vacant mall in a sleepy industrial park is all that's left of the amount allegedly owed by Mangla Shree Properties against 0.2-mt sugar deliveries
Once these banks start showing losses, they will not be able to pay dividends to the government nor pay taxes, which will further aggravate the situation for the government as its return on investment as an investor would be very negligible for the next few years, says M V Subramanian.
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