MONDAY, 23 MARCH 2020 16 pages in 1 section www.business-standard.com NEW DELHI (CITY) ~9.00 VOLUME XXVI NUMBER 241 Howmarkets performed last week % Chg over Dec 31, ‘19 Index on *One- --———————————————————————————————————————————————————————— Mar20, ‘20 week Local currencyin US $ Sensex 29,916 -12.3 -27.5 -31.2 Nifty 8,745 -12.2 -28.1 -31.8 COMPANIES P2 COMPANIES P3 DowJones 19,174 -17.3 -32.8 -32.8 Nasdaq 6,880 -12.6 -23.3 -23.3 Hang Seng 22,805 -5.1 -19.1 -18.7 EVENT FIRMS CANCEL SHOWS LOOKING TO INVEST IN MKTS Nikkei 16,553-5.0 -30.0 -31.4 FTSE 5,191 -3.3 -31.2 -39.6 WORTH OVER ~3,000 CRORE LIKE INDIA: SAUDI ARAMCO DAX 8,929 -3.3 -32.6 -35.7 *Change (%) over previous week Source: Bloomberg PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE TO OUR READERS In view of the need for widespread dissemination of news on the COVID-19 India gets into lockdown mode outbreak, Business Standard is making all such content free on its website for four months from the date of their publication. All our other routine content will also be freely accessible on 80districtsto be www.business-standard.com, as many readers may not be able to access our print edition owing to limited distribution or lockdown in some states. Stay safe, and isolatedascases enjoy reading Business Standard. spreadquickly MARKETS TO OPERATE NORMALLY TODAY Trains, Metros, interstate-buses won’t run SHINE JACOB The stock market will operate normally on New Delhi, 22 March Monday, regulatory and exchange officials said on Sunday. The clarification came after he voluntary janata curfew called by Prime Minister Narendra reports surfaced that the Securities and Modi was, in effect, extended by the Centre on Sunday. It Exchange Board of India and the finance T announced a week-long lockdown in as many as 80 districts of ministry were considering shorter trading the country that have reported confirmed cases of coronavirus. hours or even a complete shutdown in the For the first time in its 167-year-old history, the Indian Railways wake of the coronavirus outbreak. “The cancelled all services of passenger trains, including suburban ones, markets will work normally on Monday,” till March 31. The nearest equivalent of this was the 54-day railway said a Sebi official. “All segments will operate strike in 1974, when trains did not run in the country. The railways, as usual on Monday,” the NSE and BSE said. however, said goods trains would run. Around 12,500 trains, including Many investors had urged the government 9,000 passenger trains and 3,500 mail express trains, run daily. and Sebi to keep the markets closed Besides, the Central government asked states to suspend inter-state following a harrowing week, where the transport. The decision was taken in a high-level meeting of chief sec- benchmark indices plunged 12 per cent. retaries of all states with the Cabinet secretary and Opinion P9 the principal secretary to the PM, on Sunday. EDIT: DISINFECT All metro rail services, too, would be suspended People in Delhi show gratitude to thousands of doctors, nurses and other workers leading India’s fight against the deadly virus PHOTO:PTI THE ECONOMY till March 31. ON In Delhi, Chief Minister Arvind Kejriwal MONDAY STATES ON announced a lockdown — sealing its borders, shut- SPECIALS A WAR ting down markets and directing private firms to give Janataclapscoronawarriors FOOTING P4 compulsory paid leave to all employees, including BANKERS’ TRUST CENTRE ASKS contractual — until the end of March. Beyond the 80 From KYC to KYB — districts, states, including Maharashtra, which is Congress says time to ask tough questions FIRMS TO NOT leading in the number of coronavirus cases, know your bank 8 > TERMINATE Rajasthan and Punjab are now under effective ARCHIS MOHAN, ARNAB DATTA, conch shells and burst firecrackers, be significantly curtailed at least till Customers have the right to know their WORKERS, statewide lockdowns after they imposed Section AVISHEK RAKSHIT & ANEESH PHADNIS while others screamed ‘go corona, go’. the end of this month. And, the beats banks as much as the banks do their PROTECT WAGES 144 that bars gatherings of more than four people. New Delhi/Kolkata/Mumbai, 22 March Union Finance Minister Nirmala were soon drowned by concerns over customers. TAMAL BANDYOPADHYAY writes P6 India reported three coronavirus deaths on Sitharaman, too, was part of the how to carry on with business in the Sunday, including the first casualties from Bihar n a rare instance of bonding, bal- moment, ringing a bell in her court- coming days. THE SMART INVESTOR METROPOLIS, THYROCARE TO and Gujarat, taking the toll to seven, even as Iconies and verandahs across yard, joined by family members. Through the day, roads as well as Few bottom-fishing authorities took unprecedented steps to contain TODAY’S JANATA Indian cities came alive with the beat- Defence Minister Rajnath Singh, other commercial areas wore a deserted look. START TESTS the spread of the virus. The number of positive CURFEW MAYEND ing of thalis (steel plates) sharp at 5 Cabinet members also responded to Police enforced the curfew wherever opportunities in blue TODAY P2 chip stocks 12 > COVID-19 cases rose to 396. Turn to Page 11 > AT 9 PM, BUT THIS pm on Sunday, responding to Prime Modi’s call, just like celebrities and gen- people were seen gathering. Petrol Minister Narendra Modi’s appeal for eral public. Most of them remembered pumps were shut in several locations. Over half the CNX100 stocks still DOES NOT MEAN a voluntary janata curfew to prevent to tweet their videos. In an unusual In several places, the idea of ‘social expensive; Nifty, too, in higher Flip-flop on closing IGI Airport WE START coronavirus from spreading further. move, President Ramnath Kovind and distancing’ was forgotten, as people valuation zone compared to CELEBRATING... In what looked like a national cel- his family came to the steps of the came out in groups. 2008-09. HAMSINI KARTHIK writes A confusion emanated over Delhi operations would continue. Union ebration, people came out of their Rashtrapati Bhawan to clap. The PM thanked the people for IT IS BEGINNING BUSINESS LAW Chief MinisterArvindKejriwal government officials and executives houses in full force, some 10 hours However, the 7 am to 9 pm curfew their enthusiastic response. Modi said announcing the city’s airport would of airportsand airlinessaid they OF ALONG BATTLE after the curfew had begun, to express turned into a real lockdown with the the event marked “the beginning of An opportunity in be shut from Monday till March 31. were caught off-guard by the their gratitude for essential service Centre and many states making back- the nation’s victory in the long battle default threat 13 > The central government later CM’s announcement. NARENDRA MODI providers who’ve been working to-back announcements to tell the against COVID-19”. It is a chance for stakeholders in overruled him, clarifying that flight ARINDAMMAJUMDER reports 6 > Prime Minister despite the odds. Some even blew people that their movement would Turn to Page 11 > the banking sector to revisit contractual obligations, say experts. SUDIPTO DEY writes WILD WILD Last week Investors brace Month-to-date Automakers POLITICS & PUBLIC AFFAIRS MARCH for more pain The rout is seen extending as 30 -17 -2 -12 -22 -22 -4 -12 189 -26 -12 -25 putbrakeson India announces widespread Investors may have to brace for recovering sharply on Friday to lockdowns (%change) SensexNiftyRupee India Dow10-yrUS VIX Jones Treasury more pain as selling pressure end the week with a 12% deficit. could extend with India entering On a month-to-date basis, the production Selling by overseas investors The banking sector, closelylinked to a virtual shutdown phase to markets are down 22%, while this month is at a record high the economy, takes it on the chin contain the spread of COVID-19. the India VIX has more than Already, foreign portfolio doubled, signalling extreme FPI outflows Sensex WORST PERFORMERS* MTD (%) ARINDAM MAJUMDER & AGENCIES investors’ selloff in March hit a anxiety. “Many nations may have ($ bn) (%) IndusInd Bank -60.1 New Delhi, 22 March record of $6.24 billion (~46,200 to eventually adopt harsh steps Mar‘20 6.24 -22 Axis Bank -38.5 crore). This is far in excess of $4.4 to contain the pandemic. Jan ‘08 4.37 -13 Bajaj Finance -33.6 Some of the country’s top Equations are billion outflows seen in January However, such extreme Oct‘18 3.75 -5 State Bank of India -30.8 automakers have taken the on an even keel 14 > 2008 due to the global financial measures, though desired, will Oct‘08 2.93 -24 ICICI Bank -30.3 lead in suspending produc- crisis. Analysts say the market result in extreme short-term tion to safeguard its employ- RSS isn’t keen to rock Modi’s boat Nov‘16 2.61 -5 bloodbath is worse than in 2008. pain for several parts of the BEST PERFORMERS* MTD (%) ees as COVID-19 continues to because its relationship with BJP is Last week, investor sentiment economy,” Sanjeev Prasad, BSEworst-hit Realty -29.0 Sun Pharma -1.9 spread despite lockdowns. smoother now post Hindu was crushed with the Sensex co-head, Kotak Institutional sectors Finance -28.5 Asian Paints -2.9 Maruti Suzuki India (MSI), TAKING LEAD consolidation. RADHIKA RAMASESHAN writes dropping as much as 17% before Equities, said. SAMIEMODAK Metal -25.6 Hindustan Unilever -5.6 the country’s largest carmak- MTD (%) Capital TCS -10.1 er, said it was suspending pro- | Maruti says duration STATSGURU: Note: Month-to-date (MTD) is as on March 20; *On Sensex -23.7 Source: Bloomberg , Exchanges, Compiled by BS Research Bureau Bankex -30.4 goods Nestlé India -10.3 duction at its facilities in of shutdown to depend The YES Bank rescue 5 > Haryana “till further notice”.