The Reserve Bank of India on Wednesday cut its short-term lending and borrowing rates by 50 basis points each, saying the country's growth trajectory had been hit more than expected by the global financial crisis and downturn. After market hours, the Reserve Bank of India said it was lowering the repo rate, at which it lends to banks, to 5.0 percent from 5.5 percent, effective immediately.
Shares in ICICI Bank fell 4 percent on Wednesday on concerns the bank's Russian assets may be vulnerable as firms their struggle to stay afloat. ICICI shares were down 12.1 rupees at 284.30 rupees in a Mumbai.
The gold nosedived in the national capital on Tuesday on weakening global trend amid investors selling the metal to cover losses in the stock.
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