Axis Bank has suspended  the bank accounts of some gold dealers and jewellers, after the Enforcement Directorate had arrested two of its executives last week for helping customers launder money. The news has come alongside reports of people buying gold at 50% premium above official prices using their unaccounted money. Axis is India's biggest gold importer, and this move is likely to hit gold prices further. The RBI in the meantime has denied reports that the Central Bank was preparing to cancel Axis' licence after these irregularities. 

Cyrus Mistry faces a shareholder vote at TCS today, in an EGM to oust Mistry as director of the company. On Monday Mistry was removed as the director and chairman of Tata industries following a vote. TCS had already replaced Mistry as Chairman in early November, with Ishaat Hussain. 

Stock in spotlight: NALCO, which is seeing high volume and gain this past week. 

Photo of the day: Cyclone Vardah made landfall last night in Tamil Nadu, with heavy winds and rain. A damaged tollbooth near a national highway. Jothi Ramalingam/Hindu