Shares in Axis Bank were down on concerns over credit provided to Indonesia's PT Bumi Resources , whose parent company, Bumi Plc, launched an investigation into alleged financial irregularities at its Indonesian operations.
Shares in Bumi, the FTSE 250 coal miner, lost a third of their value on Monday after it announced an inquiry into potential financial irregularities at its Indonesian unit.
State electricity boards (SEBs) deteriorating financials have made recoveries difficult, says Anil Sardana, managing director of Tata Power.