One or the other?: The demonetization effort that has been working its way through the Indian economy since early November has endangered the Modi government's signature tax reform, the national GST. State government revenues have fallen anywhere from 25-40%, and has made the states reluctant to push the tax reform through, and risk losing more money. The West Bengal finance minister has called GST and demonetization a potential "dual shock" that his state may not be able to absorb. 

Nusli Wadia was removed as independent director of Tata Steel at the shareholder EGM held yesterday. While 100% of promoters voted in favor of his ouster, 17.5% of institutional shareholders and 15.5% of public shareholders voted against his ouster. Wadia has challenged his removal in court, and the court has said that any ruling it makes will override the results of the EGM. 

Stock in spotlight: Sun Pharma Advanced Research is sharply up today, on news that the US FDA has cleared the Halol plant of problems it had observed, paving the way for final approval of its New Drug Application for Xelpros. 

Photo of the day: For a moment, it looks like he is flying, as a man dives into the water of the Aegean sea, near Greece.