Tata Sons, in a continued scramble to contain the damage Mistry may inflict, served the ex-Chairman a second legal notice, asking him to return all documents related to Tata Sons and the Tata group of companies, and also sign a letter pledging not to disclose confidential information on the company to "affiliates, relatives or friends/family."

The RBI has issued another warning, saying that Indian banks are in a weakened state, with low profitability, declining asset quality and liquidity in funds. The Central Bank noted that the bad loan ratio could climb to 9.8% by March, and worsen to close to even 12% a year after that if the situation continues. In the meantime, the Prime Minister has insisted that demonetization will boost the economy and strengthen the banking sector as well over the long-term. 

Stock in spotlight: Coromandel International, which has hit a new 52 week high today. The company's shift to higher product grades in its fertilizer business is set to improve margins, according to Axis Direct, which released a buy report for the company in early December. 

Photo of the day: A man walks through tea gardens in the rain, in Munnar, Kerala. Sanjay Baid/EPA