equity benchmarks Sensex and Nifty overcame bouts of volatility to settle in the green for the second straight session on Friday, propped up by robust demand for the metal, banking and financial stocks amid a firm trend in global equities.

Markets extend gains in see-saw trade; metal, banking stocks sparkle

Equity benchmarks Sensex and Nifty overcame bouts of volatility to settle in the green for the second straight session on Friday, propped up by robust demand for the metal, banking and financial stocks amid a firm trend in global equities

Equity benchmarks Sensex and Nifty overcame bouts of volatility to settle in the green for the second straight session on Friday, propped up by robust demand for the metal, banking and financial stocks amid a firm trend in global equities.
Besides, a strengthening rupee and lower crude prices in the international markets also influenced sentiments here, traders said.
In a volatile trade, the 30-share BSE Sensex rose 355 points to settle at 57,989 During the day, it hit a high of 58,178 and a low of 57,503
The broader NSE Nifty gained 114 points to end at 17,100
HCL Tech led the Sensex gainers' chart, spurting 3%, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins.
In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the main laggards, shedding up to 1.5%
In the broader market, the BSE midcap gauge climbed 0.29% and smallcap index advanced 0.69%
Markets were volatile and moved with a positive bias as investors resorted to select buying. European indices and other Asian peers accumulated significant gains, which enthused local traders in a big way.

Equity benchmarks bounced back to end in the positive territory after trading lower for the most part of the volatile session

Sensex snaps 5-day losing streak on value-buying; Nifty closes near 17,000 level

Equity benchmarks bounced back to end in the positive territory after trading lower for the most part of the volatile session

The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks.
A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global banking system amid Credit Suisse woes and bank failures in the US. Halting its five-day losing streak, the 30-share BSE benchmark rose 78.94 points or 0.14 per cent to close at 57,634.84 points, with 17 of its constituents ending in the green. During the session, it touched a high of 57,887.46 points and a low of 57,158.69 points.
The 50-share NSE Nifty advanced 13.45 points or 0.08 per cent to settle at 16,985.60 points. As many as Nifty 32 stocks closed in the green.
Equity benchmarks bounced back to end in the positive territory after trading lower for the most part of the volatile session.
Nestle India was the biggest gainer in the Sensex pack, rising 2.54 per cent, followed by Asian Paints, HUL, Titan, Sun Pharma, SBI, PowerGrid and Bajaj Finserv.
On the other hand, Tata Steel, IndusInd Bank, Bharti Airtel, Infosys, Wipro, HCL Tech and Reliance were among the losers, slipping up to 3.31 per cent.

In a series of chain effects cuased by U.S. Banking crisis oil prices fell by almost 5% to reach their lowest points in over a year amid worries that a banking sector trust crisis could lead to a recession and reduce demand

Oil hits lowest levels in over a year over U.S banking crisis  

Amidst banking crisis oil declines by almost 5% 

In a series of chain effects caused by U.S. Banking crisis, oil prices fell around 5% below $75 a barrel, to reach their lowest levels in over a year. This amid worries that a banking sector trust crisis could lead to a recession and reduce demand

Oil prices fell nearly 5%, below $75 a barrel to their lowest levels in over a year. This amid worries that a banking sector trust crisis could lead to a recession and reduce demand.
Both crude benchmarks fell for three consecutive days and are now at their lowest levels since December 2021.&nbsp;
U.S. oil stockpiles increased by 1.6 million barrels last week, according to government data, more than the 1.2 million barrel increase predicted by experts surveyed by Reuters, adding to the bearishness in the market.
Falling crude &amp; Impact on India&nbsp; India imports nearly 85% of its crude requirements. A fall in crude prices also reduces inflationary pressures on India and will have an impact on both retail and wholesale inflation.&nbsp; Companies like BPCL, HPCL and Indian Oil shares saw a spike in prices after Brent crude fell below the $75 per barrel mark.&nbsp; "As international oil prices cool, marketing losses will ease for the three state-owned refining and marketing companies, IOC, BPCL and HPCL,&rdquo; ratings agency Moody&rsquo;s said.

$465 billion, that's how much financial stocks have lost as a result in the aftermath of the Silicon Valley Bank collapse. The MSCI Asia Pacific Financials Index fell as much as 2.7%, widening losses. 

SVB Collpase aftermath: Financial stocks tumble, lose $465 billion globally  

$465 billion, that's how much financial stocks have lost as a result in the aftermath of the Silicon Valley Bank collapse. 

$465 billion, that's how much financial stocks have lost as a result in the aftermath of the Silicon Valley Bank collapse. The MSCI Asia Pacific Financials Index fell as much as 2.7%, widening losses.&nbsp;

Financial stocks have seen an erosion of $465 billion in market value, globally, due to after the collapse of Silicon Valley bank.&nbsp;
As per a Bloomberg report, the combined market-capitalisation of the MSCI World Financials Index and MSCI EM Financials Index dropped about $465 billion in three days.&nbsp; Heavyweights like MSCI Asia Pacific Financials fell 2.7%, Mitsubishi UFJ Financial Group fell 8.3%, Hana Financial Group and ANZ Group fell 4.7% and 2.8% respectively.&nbsp;
Globally, stocks have been hit hard despite assurances coming in from regulators and the U.S President,&nbsp; which seem to have been unable to calm sentiment.&nbsp;
Most of the fluctuations are the effect of worries of a contagion effect post the SVB collapse. However, Asian lenders are being seen a insulated from any direct impact.&nbsp;
Due to expectations that the Federal Reserve will delay increasing interest rates in light of recent turmoil in the banking system, two-year Treasury yields experienced their biggest one-day decline since the early 1980s on Monday.
&nbsp;
&nbsp;

Under the OFS, Tata Technologies' parent company Tata Motors will offload 8.11 crore shares or a 20 per cent stake in the company

Tata Technologies IPO: A Tata Group IPO after 19 years, here's all you need to know

Tata Technologies IPO: Here's all you need to know about Tata Group's 1st IPO in two decades 

Under the OFS, Tata Technologies' parent company Tata Motors will offload 8.11 crore shares or a 20 per cent stake in the company

Tata Technologies Ltd, a subsidiary of Tata Motors Ltd, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO).
Shares of the company are proposed to be listed on both NSE and BSE.
The IPO is purely an offer for sale (OFS), where the company will sell up to 9.57 crore equity shares representing approximately 23.60 per cent of its paid-up share capital, according to the Draft Red Herring Prospectus (DRHP).
Under the OFS, Tata Technologies' parent company Tata Motors will offload 8.11 crore shares or a 20 per cent stake in the company.
Among other shareholders, Alpha TC Holdings Pte plans to sell up to 97.16 lakh shares (2.40 per cent) and Tata Capital Growth Fund I would offload up to 48.58 lakh equity shares (1.20 per cent).
About Tata technologies&nbsp;
The company is a leading global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs).
For the nine months ended December 2022, the firm reported revenue from operations of Rs 3,011.79 crore against Rs 2,607.30 crore for the nine months ended December 2021.

SVB crisis: Elon Musk to buy a collapsed bank?

SVB crisis: Elon Musk to buy collapsed bank?

The seizure of SVB's assets marks the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.

Twitter boss Elon Musk has said that he is open to the idea of buying the collapsed Silicon Valley Bank and turning it into a digital bank.&nbsp;
This after Min-Liang Tan, co-founder and CEO of US-based global gaming hardware manufacturer Razer, suggested Musk turn the failed bank into a digital bank.
'I think Twitter should buy SVB and become a digital bank,' he wrote on Twitter on Saturday.
Responding to his tweet, Musk replied that he is 'open to the idea.'

Silicon Valley bank shut down: a look at biggest banking failures since 2008

Silicon Valley bank shut down: a look at biggest banking failures since 2008

US regulators shuttered Silicon Valley Bank (SVB) on Friday and took control of its deposits, in what amounts to the biggest retail banking failure since the global financial crisis.
The move follows a dramatic 48 hours that saw the high-tech lender's share price plummet amid a run on deposits by concerned customers.
Below are some of the biggest retail banking failures, ranked by the value of their assets when they collapsed:
- HBOS (United Kingdom), on 09/17/2008 (Around $811 billion)
- Washington Mutual (United States), on 09/25/2008 ($307 billion)
- Silicon Valley Bank (United States), on 03/10/2023 ($209 billion)
- Sachsen LB (Germany), on 08/26/2007 (Around $92 billion)
- Bradford &amp; Bingley (United Kingdom), on 09/29/2008 (Around $63 billion)
- IndyMac (United States), on 07/11/2008 ($32 billion)
In addition, the global financial crisis also saw the failure of a number of corporate and investment banks, marked by the dramatic bankruptcy of Lehman Brothers on September 15, 2008.
Its assets at the time were worth $639 billion.
Also Watch:<a href="https://www.editorji.com/business-news/markets/global-financial-rout-erupts-after-silicon-valley-bank-seized-by-us-regulator-1678504139632"> Silicon Valley Bank collapses, largest retail bank failure since 2008</a>

Silicon Valley Bank seized by US regulator as depositors pull cash

The bank failed after depositors &mdash; mostly technology workers and venture capital-backed companies &mdash; began withdrawing their money creating a run on the bank.
&nbsp;
&nbsp;

The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis.
The bank failed after depositors &mdash; mostly technology workers and venture capital-backed companies &mdash; began withdrawing their money creating a run on the bank.
Silicon Valley was heavily exposed to tech industry and there is little chance of contagion in the banking sector as there was in the months leading up to the Great Recession more than a decade ago. Major banks have sufficient capital to avoid a similar situation.
The FDIC ordered the closure of Silicon Valley Bank and immediately took position of all deposits at the bank Friday. The bank had USD 209 billion in assets and USD 175.4 billion in deposits as the time of failure, the FDIC said in a statement. It was unclear how much of deposits was above the USD 250,000 insurance limit at the moment.
Notably, the FDIC did not announce a buyer of Silicon Valley's assets, which is typically when there's an orderly wind down of a bank. The FDIC also seized the bank's assets in the middle of the business day, a sign of how dire the situation had become.
Also Watch: <a href="https://www.editorji.com/business-news/cryptocurrency/crypto-meltdown-over-70-billion-wiped-off-crypto-market-in-24-hours-1678454540855">Crypto meltdown: Over $70 billion wiped off crypto market in 24 hours</a>

Benchmark stock indices Sensex and Nifty tanked more than 1% on Friday due to heavy selling in IT, financial and oil stocks in line with weak trends in the global markets. 

Another day of red for the stock markets: Sensex, Nifty end 1% lower

Sensex, Nifty decline 1 pc on selling in IT, financial shares amid weak global cues

Benchmark stock indices Sensex and Nifty tanked more than 1% on Friday due to heavy selling in IT, financial and oil stocks in line with weak trends in the global markets.&nbsp;

Benchmark stock indices Sensex and Nifty tanked more than 1% on Friday due to heavy selling in IT, financial and oil stocks in line with weak trends in the global markets. The 30-share Sensex tanked 671.15 points to close at 59,135.13, as 21 of its scrips declined. The index opened lower and slid further to touch a low of 58,884.98 in the day.
The broader Nifty plunged 176.70 points or 1 per cent to close at 17,412.90, with 35 of its stocks ending in the red. The index moved in a range of 17,324.35 to 17,451.50 during the session.
Among Sensex shares, HDFC Bank fell the most by 2.58 per cent, followed by SBI (2.12 per cent), HDFC (2.09 per cent), and IndusInd Bank (2.02 per cent).
Axis Bank, Bajaj Finserv, M&amp;M, L&amp;T, Reliance, Infosys and TCS were among the major losers.
In contrast, Tata Motors, Maruti, NTPC, Sun Pharma, Power Grid and Titan were among the gainers.
Heavy selling in financial, banking, IT and capital goods shares triggered by weak Asian markets and overnight losses in the US market dragged down the benchmark indices, analysts said.
Global stock markets declined on Friday ahead of a US job market data amid worries about possible interest rate hikes.

Equity benchmark Sensex declined nearly 540 points on Thursday, pressured by heavy selling in index heavyweights Reliance Industries, Bajaj Finserv and ICICI Bank amid a sluggish trend in the global markets.

Sensex snaps 3-day winning run; falls 540 points

Equity benchmark Sensex declined nearly 540 points on Thursday, pressured by heavy selling in index heavyweights Reliance Industries, Bajaj Finserv and ICICI Bank amid a sluggish trend in the global markets.

Equity benchmark Sensex declined nearly 540 points on Thursday, pressured by heavy selling in index heavyweights Reliance Industries, Bajaj Finserv and ICICI Bank amid a sluggish trend in the global markets.
Besides, a weak rupee against major currencies overseas further weighed on sentiment, traders said.
Snapping its three-day gaining streak, the 30-share BSE Sensex opened strong but came under severe selling pressure to close 541.81 points or 0.90 per cent lower at 59,806.28.
Similarly, the broader NSE Nifty declined 164.80 points or 0.93 per cent to 17,589.60.
M&amp;M was the top loser in the Sensex pack, skidding 3.31 per cent, followed by Reliance Industries, Bajaj Finserv, ICICI Bank, Maruti, Tata Motors and Tech Mahindra.
On the other hand, Tata Steel, L&amp;T, Axis Bank, Bharti Airtel and HDFC Bank were among the gainers.
Sector-wise, BSE Auto and Consumer Durable witnessed intense selling during the session.
In the broader markets, the BSE midcap fell 0.55 per cent and the small-cap slipped 0.20 per cent.
Bourses in Hong Kong, Shanghai and Seoul settled in the red while Tokyo closed with gains.
Equities in Europe were also trading with significant losses in mid-session deals. Equities on Wall Street closed mixed in the overnight session.
The rupee fell 7 paise to close at 82.02 (provisional) against the US dollar on Thursday Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 3,671.56 crore, according to exchange data.
Meanwhile, international oil benchmark Brent crude slipped 0.01 per cent to USD 82.65 per barrel.

Editorji is your personalised video news platform, we learn about your interests in order to show the news that matters to you! Watch it on your phone, tablet or TV.

ABOUT US

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Avalanche in Sonamarg

Moving ahead from the big 5G push from Jio, the Ambani family told RIL shareholders that soon FMCG will also be added to the Reliance pack as it gets set to take the foreign multinationals such as HUL, P&G and Nestle head-on in the consumer goods market."I am excited to announce that this year, we will launch our fast-moving consumer goods business. The objective of this business is to develop and deliver high quality, affordable products which solve every Indian's daily needs," Isha Ambani, director of Reliance Retail. As per reports the companies preparations for an all out invasion in the consumer goods space has been in the works for some quarters. During FY22, to strengthen its manpower, Reliance Retail added more than 150,000 new employees - taking the total headcount to 361,000.In FY2021-22 alone, the group acquired or invested in fashion brands like Abu Jani Sandeep Khosla, Abraham & Thakore, ak-ok, Rahul Mishra and women’s intimate wear brand Clovia.

RIL announces FMCG foray at AGM: What you need to know

Reliance to take on HUL, Nestle, P&G as Isha Ambani announces FMCG foray

I am excited to announce that this year, we will launch our fast-moving consumer goods business: Isha Ambani

Moving ahead from the big 5G push from Jio, the Ambani family told RIL shareholders that soon FMCG will also be added to the Reliance pack as it gets set to take the foreign multinationals such as HUL, P&amp;G and Nestle head-on in the consumer goods market. "I am excited to announce that this year, we will launch our fast-moving consumer goods <a href="https://www.editorji.com/business-news/byju-s-now-questioned-by-the-govt-where-are-your-audited-earnings-1661483473211">business</a>. The objective of this business is to develop and deliver high quality, affordable products which solve every Indian's daily needs," Isha Ambani, director of Reliance Retail.&nbsp; As per reports, the companies' preparations for an all-out invasion in the consumer goods space has been in the works for some quarters. During FY22, to strengthen its manpower, <a href="https://www.editorji.com/business-news/reliance-to-balenciaga-to-india-1659686187285">Reliance</a> Retail added more than 150,000 new employees - taking the total headcount to 361,000. In FY2021-22 alone, the group acquired or invested in fashion brands like Abu Jani Sandeep Khosla, Abraham &amp; Thakore, ak-ok, Rahul Mishra and women&rsquo;s intimate wear brand Clovia.
Read More:- <a href="https://www.editorji.com/business-news/explained-why-google-removed-over-2000-loan-apps-from-india-play-store-1661487880755">Explained: Why Google removed over 2000 loan apps from India Play Store</a> &nbsp;

Sensex, Nifty fall nearly 1% amid weak trend in global equities

Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen &amp; Toubro and Mahindra &amp; Mahindra, Axis Bank and Titan

Equity benchmark indices Sensex and Nifty buckled under selling pressure for the second straight session to settle nearly 1 per cent lower on Friday as investors pared exposure to the metal, energy and realty stocks amid a bearish trend in Asian and European markets.
Besides, a depreciating rupee against the US dollar and fresh foreign fund outflows also hit investor sentiments, traders said.
In a volatile trade, the 30-share BSE Sensex declined 398.18 points or 0.69 per cent to finish at 57,527.10. During the day, it went lower by 502.3 points or 0.86 per cent to 57,422.98.
The broader NSE Nifty fell 131.85 points or 0.77 per cent to end at 16,945.05.
Bajaj Finserv was the biggest loser among the Sensex constituents, sliding 3.81 per cent, followed by Bajaj Finance, Tata Steel, Reliance Industries, HCL Tech, SBI, Larsen &amp; Toubro and Mahindra &amp; Mahindra, Axis Bank and Titan.
On the other hand, Kotak Mahindra Bank, Infosys, Tech Mahindra, Power Grid, Asian Paints and Wipro were the gainers.
In Asia markets, stock exchanges in Seoul, Japan, Shanghai and Hong Kong ended lower.
European markets were also quoting in the red in the afternoon trade. The US markets ended higher on Thursday.
Meanwhile, the rupee declined 25 paise to close at 82.45 against the US dollar.
Global oil benchmark Brent crude dipped 1.73 per cent to USD 74.60 per barrel.
Foreign Portfolio Investors offloaded equities worth Rs 995.01 crore on Thursday after a day's breather, according to exchange data.&nbsp;

Continuing its previous day's rally, the 30-share BSE Sensex advanced 139.91 points or 0.24 per cent to settle at 58,215

Markets end higher for 2nd day amid firm global trend

Continuing its previous day's rally, the 30-share BSE Sensex advanced 139.91 points or 0.24 per cent to settle at 58,215

Equity benchmark Sensex and Nifty ended on a positive note on Wednesday, mainly due to buying in healthcare, financial and commodity stocks amid a firm trend in global equities.
Continuing its previous day's rally, the 30-share BSE Sensex advanced 139.91 points or 0.24 per cent to settle at 58,214.59. During the day, it jumped 344.1 points or 0.59 per cent to 58,418.78.
The broader NSE Nifty climbed 44.40 points or 0.26 per cent to end at 17,151.90.
Among the Sensex stocks, Bajaj Finance, Bajaj Finserv, Sun Pharma, IndusInd Bank, Tata Motors, ICICI Bank, Tata Consultancy Services, Hindustan Unilever and Power Grid were the major gainers.
NTPC, Axis Bank, Nestle, HCL Technologies and HDFC Bank were the major laggards.
In Asia, Seoul, Japan, Hong Kong and Shanghai markets ended in the green.
Equity markets in Europe were trading in positive territory during the afternoon trade. The US markets ended significantly higher on Tuesday.
Meanwhile, global oil benchmark Brent crude dipped 0.31 per cent to USD 75.09 per barrel.

The 30-share BSE Sensex climbed 445.73 points or 0.77 per cent to settle at 58,074.68. During the day, it rallied 504.38 points or 0.87 per cent to 58,133.33

Sensex, Nifty rebound nearly 1% amid strong global cues

The 30-share BSE Sensex climbed 445.73 points or 0.77 per cent to settle at 58,074.68. During the day, it rallied 504.38 points or 0.87 per cent to 58,133.33

Benchmark Sensex and Nifty rebounded nearly 1 per cent at close on Tuesday amid firm trends in global equities and buying in index major Reliance Industries and banking stocks.
The 30-share BSE Sensex climbed 445.73 points or 0.77 per cent to settle at 58,074.68. During the day, it rallied 504.38 points or 0.87 per cent to 58,133.33.
The broader NSE Nifty advanced 119.10 points or 0.70 per cent to settle at 17,107.50.
Among the Sensex stocks, Reliance Industries climbed the most by 3.11 per cent. Bajaj Finance, Titan, Axis Bank, ICICI Bank, Bajaj Finserv, IndusInd Bank, UltraTech Cement, Larsen &amp; Toubro, HDFC Bank, HDFC and Kotak Mahindra Bank were among the other major winners.
Power Grid, Hindustan Unilever, Tech Mahindra, Tata Consultancy Services, Infosys and Asian Paints were among the biggest laggards.
In Asia, Seoul, Hong Kong and Shanghai markets ended higher.
European markets were trading in the green during afternoon trade. The US markets ended in positive territory on Monday.
Meanwhile, global oil benchmark Brent crude climbed 0.65 per cent to USD 74.27 per barrel.
Foreign Portfolio Investors offloaded equities worth Rs 2,545.87 crore on Monday, according to exchange data.

Global stock markets sank even as Swiss authorities arranged the takeover of Credit Suisse by UBS

Sensex sheds 360 points, Nifty closes below 17k amid global rout in equities

Global stock markets sank even as Swiss authorities arranged the takeover of Credit Suisse by UBS

Benchmark Sensex declined by 360 points while the Nifty closed below the 17,000-level on Monday due to a sell-off in financials, IT and capital goods shares amid a global rout in equities on lingering worries over the banking crisis.
The 30-share BSE Sensex declined by 360.95 points or 0.62 per cent to close at 57,628.95 as 23 of its stocks ended in the red. The index tanked more than 900 points to touch a low of 57,084.91 before recovering some losses at the fag end.
The broader Nifty of the NSE plunged by 111.65 points or 0.65 per cent to close below the 17,000-level at 16,988.40. As many as 40 Nifty stocks declined while 10 advanced.
Analysts said investors fretted over the US banking crisis even as Federal Reserve and other central banks took efforts to ease a fast-growing banking crisis.
"The fear of contagion of the financial crisis has kept investors away from the equity markets as the global market faces numerous hurdles. Despite Swiss regulators' intervention to protect the global financial system, investor sentiment remained shaky," said Vinod Nair, Head of Research at Geojit Financial Services.
Among Sensex shares, Bajaj Finserv fell the most by 4.08 per cent. Bajaj Finance declined by 3.01 per cent, Tata Steel by 2.2 per cent, Wipro by 2.09 per cent, Tata Motors by 1.96 per cent, IndusInd Bank by 1.9 per cent, SBI by 1.75 per cent, Tech Mahindra by 1.66 per cent and HCL Tech by 1.2 per cent.
TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&amp;T, M&amp;M, NTPC and Ultratech Cement were also among the losers.
Hindustan Unilever bucked the trend to emerge as the biggest Sensex gainer, rising by 2.45 per cent. ITC, Kotak Bank, Sun Pharma and Nestle also closed higher.

SVB collapse: US lender's parent firm files for bankruptcy protection

The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.

Nearly a week after its collapse, the parent firm of the US lender Silicon Valley Bank has filed for bankruptcy protection to seek buyers for its assests.&nbsp;
The move comes as an emergency measure after the US authorities seized the bank's assets following a run on deposits earlier this month.
The parent of Silicon Valley Bank, seized last week by the US, is filing for Chapter 11 bankruptcy protection.
SVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.
SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corp.
The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.
SVB Financial Group believes it has approximately USD 2.2 billion of liquidity.&nbsp;

Highlights

Latest news

RIL announces FMCG foray at AGM: What you need to know

Up Next

More videos

Categories

Trending topics