Indian companies are reeling from demonetization effects as companies are struggling to pay suppliers and fund their distribution chains. Entire supply chains, according to corporates are breaking down due to the reliance on cash. Even when wages are being paid online staff need time off to stand in queues and withdraw money.  

TCS made a statement to BSE calling for an extraordinary general meeting (EGM) on December 13. The meeting will consider a resolution to remove Cyrus Mistry as director from the TCS board, since he had made 'unsubstantiated' remarks that cast aspersions on the company and on Tata Sons. “Mr. Mistry’s conduct has caused enormous harm to the Tata group, TCSL and its stakeholders, including employees and shareholders”, the BSE filing said.

FIIs have continued their selling of Indian equities, and have dumped over $1 billion in the past six days of trading.  Both an expected interest rate hike by the US Federal authority and demonetization have had a dampening effect on markets.

Stock in spotlight: Oil India Limited has hit a new 52 week high today. The company has gained 23.45% over the last six months, beating most stocks in its sector.. 

Photo of the day: Customers in Mexico fight over a television set during the season sale at a Walmart. Daniel Becerril/Reuters