The highly public argument between the Tata group and ousted Chairman Cyrus Mistry escalated, with Tata sons accusing Mistry of 'malice' and 'unsubstantiated allegations'.  Mistry's parting shot at the conglomerate had taken aim at precisely the things that the Tatas long claimed as strengths - its corporate governance, and its transparency. Mistry's five-page long, tighly spaced letter brought up issues of fraud, non-performing assets and failing products. 

Riding high: Maruti has logged an impressive September quarter performance, with an expanding operating margin and net revenues up by 29.28%. The company however has predicted falling margins for the next quarters due to rising raw material costs. The stock has been up in early trading and remains well above its 200 day averages.

India wants to go slow on cutting existing duties and tariffs on Chinese goods coming into the country - India now has a massive trade deficit with China, exporting $9 billion worth, while Chinese imports were over $61.7 billion, and India's concerns over the rising deficit may push it to slow down the phasing out of tariffs required under current trade agreements.

Stock in spotlight: Bank of Baroda, which crossed above its 150 day average price today.

Photo of the day: A Kurdish fighter takes a selfie with kids after freeing a village in Iraq from ISIS forces. Note the t-shirt that says 'Abibas'. Guardian/Reuters