Oriental Bank cuts MCLR
State-owned Oriental Bank of Commerce (OBC) has cut the marginal cost of fundsbased lending rate (MCLR) by up to 0.10% for various tenors with effect from Tuesday. MCLR for one-month loan and 6-month tenor has been reduced by 0.10% to 8.35% and 8.60%, respectively. Likewise, for one-year tenor loans, MCLR has been decreased by 0.05% to 8.70% from 8.75% earlier. OBC has left MCLR for overnight and 3 month tenor unchanged at 8.30% and 8.50%, respectively.
Jet shares plunge nearly 11%
Shares of Jet Airways Tuesday plummeted nearly 11% amid reports that Hinduja Group and Etihad Airways may not proceed with plans to resurrect the debtridden airline. The company’s scrip tumbled 10.58% to close at Rs 111.95 on the BSE. It plunged 14.41% to Rs 107.15, during the day.
Indiabulls Housing shares tank 8%
Shares of Indiabulls Housing Finance Ltd dropped 8% Tuesday following allegations of siphoning off Rs 98,000 crore of public money. The scrip plunged 7.97% to close at Rs 674.65 on the BSE. During the day, it tumbled 8.77% to Rs 668.70.