Ratan Tata is pushing hard  to oust Mistry from the board of companies, telling shareholders that Mistry's continued presence would make these companies "dysfunctional" and would be a "serious disruptive influence". He and Mistry contradicted each other when Tata said that several efforts of mediation were made. Mistry responded denying this, saying he was told he would have to stand down moments before the Tata Sons meeting. The letter from Ratan Tata landed on shareholder desks days before a vote on Mistry's removal in six Tata companies. 

The word on the street is that Snapdeal is close to shutting down, its reliance on Cash on Delivery and small town sales badly hit by demonetization. In the meantime, investors are worrying about Flipkart's valuation markdown as it struggles to find a winning strategy beyond festival discounts to take on Amazon. Co-founder Sachin Bansal has insisted that valuation markdowns of Flipkart shares - which has brought down the company's value from $15 billion to $5 billion - are "theoretical exercises", because the company does not release its figures publicly. But until Flipkart can unveil more effective strategies against the global e-commerce behemoth, raising money will likely grow more difficult in coming quarters. In the meantime, Flipkart is talking protectionism, attempting to persuade the government to push foreign companies like Amazon out of Indian markets, and favor Indian firms.

Stock in spotlight: Steel Authority of India Limited (SAIL) which is moderately bullish and nearing its 52 week high on anticipation of Q2 results.

Photo of the day: A child walks towards an art installation of a sofa made of fallen leaves, in Hangzhou. Reuters