Don't miss: Top developments that made headlines today

Here's all that you need to know about the business happenings today:

- Sensex down 286 pts at close; PSU banks hurt, SBI dips 4.6%

It was a second weak session for the equity benchmarks after rising sharply in previous three days, weighed down by disappointing China data, Portugal political worries, rise in crude oil prices and rupee depreciation.

- RBI's new norms for unhedged corporates tough to follow

The Reserve Bank of India (RBI) has proposed incremental provisions and capital requirements on banks , which lend to corporates having unhedged foreign currency exposures. However, speaking to CNBC-TV18, Diwakar Gupta, MD & CFO of the country's largest lender State Bank of India  says the biggest problem will be calculation of corporates' un-hedged exposure.

- Hindustan Copper offer for sale oversubscribed 1.2 times

Hindustan Copper's offer for sale (OFS) issue has been oversubscribed 1.2 times so far. The issue received bids for 4.35 crore equity shares as against OFS size of 3.71 crore shares till 2:55 pm.

- Bajaj Auto shrs down as strike continues at Chakan plant

Bajaj Auto 's shares declined more than 1 percent on Wednesday morning as investors remained concerned as the strike at its Chakan plant shows no signs of ending and the company is losing market share amid a sluggish demand for two-wheelers.

- Goldman cuts Punjab National Bank to 'neutral'

Goldman Sachs downgrades Punjab National Bank to "neutral" from "buy" and cut its target price to Rs 780 from 900, citing a weak economic environment and the elevated stress asset levels at the lender.

- RBI puts on hold debt private placements rules for NBFCs

The Reserve Bank of India on Wednesday said it would hold off from implementing a notification issued last week that mandated a minimum wait of six months between two private placements from a non-bank financial firm (NBFC).

- AirAsia hits back at Swamy for calling the deal fraudulent

AirAsia CEO Tony Fernandes has hit back at Janata Party chief Subramanian Swamy for calling his company's deal with the Tata group for a new airline "fraudulent". Responding to Swamy's allegation, Fernandes said that the Indian aviation industry is missing great opportunities due to vested interests.

- By mid-July, rainfall across country to intensify: Met

After the recent Uttarakhand deluge, it does not come as a surprise when Met Department’s Director (Long Range Forecast) DS Pai says that Northwest India has received 102 percentage rainfall so far. Infact, around 91 percent of the country, leaving some parts of the northeast, has received excess or normal rainfall.

- Indian rupee hits 60/USD again, falls 36 paise

On Wednesday, the Indian rupee weakened further in morning trade, falling by 36 paise to 60.02 per dollar as against previous day's closing value of 59.66.