Axis Bank has flunked its exam, missing its guidance on bad loans. In March, Axis Bank had released a “watch list” of corporate accounts that could go bad, which amounted to Rs. 22,628 crore. Axis gave a clear guidance that 60% of this watch list could go bad over eight quarters. But as of the end of the September quarter, nearly 40% of its watch list has turned bad. The Bank is no longer standing behind its earlier 60% guidance. Shares of the bank are sharply down, 8% lower on these results.

Despite the new initiatives, India's rank in Ease of Doing Business improved by just one spot on World Bank's ranking, from 131 to 130. However, the Bank only acknowledges reforms implemented by June 1 every year, and the government noted that a host of bankruptcy related, tax code and business entry/exit related reforms were not taken into account for the rankings. 

Flipkart CFO Baweja has resigned, continuing the list of high-profile exits from the company; the exit happens at a crucial time for Flipkart, at the height of festival sales and as the company is negotiating a partnership with Walmart in the Indian market. 

Stock in spotlight: Kotak Mahindra Bank is trading up on strong Q2 results, and is among the top gainer stocks today.

Photo of the day: A woman walks past semi-finished clay statues in Kolkata. Reuters/Rupak de Chowdhuri