On Tuesday commerce secretary Rahul Khullar said the long-standing Doha round of negotiations were likely to take until 2014. Khullar pointed out that with developed economies struggling and US elections next year an immediate agreement was unlikely. The comments came just days after twice-a-year ministerial meeting of the World Trade Organisation failed to make headway.
In other news, rising coal prices could trigger financial troubles for Indian power companies. On Tuesday the ratings agency Fitch said a combination of high fuel costs and a weakening rupee could cause some projects to default on their debt. Fitch also said that projects relying entirely on imported coal could see costs of generation almost double. More than half of India’s power comes from coal-fired plants.
In other news, media company Network18 has denied reports that it wants to sell a stake to RIL chairman Mukesh Ambani. News of the supposed deal sent shares of Network 18 soaring around 20% on the BSE during early trade. They later moderated and ended the day 4.29% higher at 37.70 on a day overall markets tanked.
And finally, Indian markets ended in the red for a fifth day in a row, with investor sentiment still down. The Sensex dropped 204 points to 15,175. And the Nifty lost 69 to 4,544.