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Shareholders also approved raising authorised share capital from Rs 500 crore, divided into 50 crore equity shares of Rs 10 each, to Rs 650 crore, divided into 65 crore equity shares.

According to a copy of the complaint filed, Indian financial services company Religare Finvest (RFL) has accused Lakshmi Vilas of misappropriating Rs 790 crore it kept with the bank as a fixed deposit.

The directors face charges of cheating, breach of trust, misappropriation and conspiracy, the bank said, adding that it was considering taking 'appropriate legal measures.'

An Airtel spokesperson confirmed the exit and said Gautam Anand is leaving due to personal reasons.

Though RBI has not specified any reason for imposing such restrictions on PMC Bank, the lender’s managing director has reportedly written to its customers, where he has mentioned that RBI had took notice of some irregularities at the bank.

India slashed its headline corporate tax rate to 22% from 30% in a surprise gambit aimed at wooing manufacturers and boosting investment in Asia's third-biggest economy.

While mentioning that it sees green shoots in the offing, Morgan Stanley raised the target for the benchmark S&P BSE Sensex to 45,000 by June 2020.

After hitting a high of 39,346.01 points, the 30-share index was trading 1,031.58 points, or 2.71 per cent, higher at 39,046.20 at 0930 hours, while the broader Nifty rallied 263.75 points, or 2.23 per cent, to 11,537.95.

The finance minister said the government will not levy the enhanced surcharge introduced in the Budget on capital gains arising on sale of equity shares in a companies liable for securities transaction tax.

The National Company Law Appellate Tribunal has asked both parties to file their terms and conditions by Monday and listed the matter for hearing on September 24.

ikas Halan, senior vice president, corporate finance group, Moody's Investors Service said the decision to reduce base corporation tax to 22 per cent from 30 per cent will boost net income of Indian corporates and is credit positive.

Nirmala Sitharaman's latest announcements are aimed at reviving private investment, seeking to lift growth from a six-year low that has sapped jobs.

At the interbank foreign exchange the domestic currency witnessed heavy volatility in early trade. The rupee opened at 71.36 per US dollar then touched a high of 71.15 and a low of 71.37.

Crude prices have jumped after drone attacks on two oil facilities in Saudi Arabia, which accounts for around 10 per cent of the global oil production.

Dharmendra Pradhan said he had met the chief executive of oil producer Rosneft and that four Indian companies planned to increase their investment in Russian oilfields.

The 30-share index was trading 147.66 points, or 0.40 per cent, lower at 36,975.65 at 0930 hours, while the broader Nifty fell 43.30 points, or 0.39 per cent, to 10,960.20.