Mid-week mayhem: Here's all that made news in biz world

Here's all that made news in the business world today:

- Sensex falls 340 to shut at 11-month low; Ranbaxy melts 13%

It was looking like a strong trade in morning today after the Sensex gained 300 points due to RBI measures, but that was short lived as bears remained in power with the 30-share BSE benchmark shedding 439 points intraday to touch an intraday low of 17807.19 in afternoon trade.

- Rupee plunges to historic low of 64.45 vs dollar
Continuing its downslide, the Indian rupee tumbled to an all-time low of 64.45 against the dollar in late afternoon trade today.The slide was triggered by sustained dollar demand from banks and importers on the back of a strengthening US currency overseas, coupled with a sharp fall in local stocks. - Only swift action on CAD can soothe market: Gokarn

India needs comprehensive and realistic solution to deal with the ballooning current account deficit, which is the root cause of all macro woes, believes  former deputy governor of Reserve Bank of India (RBI) Subir Gokarn.
- Banks' NPAs could rise on account of slowing economy: PMEAC

Prime Minister's key economic advisor C Rangarajan today indicated banks may have to deal with higher non-performing assets (NPAs) on account of poor economic performance. "NPA also increases because of the way economy behaves. If rise in bad loan is beyond control of banks, then banks need to be very careful in identifying NPAs," Rangarajan said.


- Tata Steel shares gain 1.5%, JP Morgan overweight on it

Tata Steel shares gained 1.5 percent in afternoon trade Wednesday, continuing upmove for the third consecutive session. JP Morgan is overweight on the stock with a target price of Rs 500. - No trade in F&O & cash segments for Sterlite from August 27

National Stock Exchange of India (NSE) will stop trading in Sterlite Industries in cash as well as futures & options (F&O) segments with effect from August 27 as Sterlite will be merged into Sesa Goa soon.
- Maruti Suzuki launches Stingray starting Rs 4.10 lakh

India's largest passenger car maker Maruti Suzuki on Wednesday launched its new hatchback Stingray in India, which it feels will generate some excitement in the market, which has seen lacklusture demand over the last one year. - Zydus Cadila gets USFDFA nod to market anti-ulcer capsules

Cadila Healthcare  today said Zydus Cadila has received final approval from thE US health regulator to market Lansoprazole capsules used for treating ulcers and other conditions involving excessive stomach acid.
- Docs show Vadra bought land using a fictitious cheque

Days after Haryana IAS officer Ashok Khemka's claims, CNN-IBN has accessed documents that reveal that Congress President Sonia Gandhi's son-in-law Robert Vadra did buy land from Omkareshwar properties using a fictitious cheque.