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The S&P BSE Sensex recovered most losses after plunging over 350 points in morning trade on Wednesday after the government announced amendments to its Double Tax Avoidance Convention with Mauritius.The fall in the index was led by losses in ITC, ICICI Bank, HDFC, Infosys, HDFC Bank. 

Indian shares fell on Wednesday on worries future foreign equity inflows would be hit after the country said it will start imposing capital gains taxes on investments coming from Mauritius starting next year.Mauritius is the top source of foreign funds into India, though analysts welcomed India's action to impose the tax on future investments and not existing holdings.The NSE index was down 0.8 percent at 0350 GMT after initially falling as much as 1.4 percent shortly after the open.

ICICI sheds 10%+ in a week as investors seek safer bank stocks

ICICI Bank   shares have plummeted over 10 percent in just a week since it reported a steep 76 percent dip in fourth quarter profit, due to exceptional provisioning of Rs 3,600 crore. However, even as most broking houses have downgraded earnings estimate for the bank, they continue to hold a positive view on the stock over the long term. They concede though that shares could stay pressured in the near future due to negatives such as pre-provision operating performance (PPOP) weakness, expected high provisions on account of potential slippages, higher credit costs and lower fee income. 

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Telecom sector sees over $4 bn FDI in nearly two years

Telecom sector attracted over USD four billion worth foreign direct investments in nearly two years since April 2014, Telecom Minister Ravi Shankar Prasad said today. Emphasising that the government has taken many pro-active steps to promote growth in the sector, he said in Lok Sabha that "the quality of service issues has never been looked into so seriously and monitored, as is being done now".

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