The biggest sales drop in 16 years: It looks like auto as an industry has taken the brunt of demonetization. As companies released their sales figures for December, it became clear that the drop has been substantial.  Sales fell 18.66 percent in December to 1.2 million units, the biggest monthly drop since the same month in 2000, according to the  Society of Indian Automobile Manufacturers. Few categories such as Maruti's SUVs logged an increase in sales. The biggest overall drop has been in small towns and rural areas, where cash dominates. 

The telecom war intensified today with Airtel turning on TRAI, accusing it of deliberately favoring Reliance's Jio by remaining a mute spectator on Jio's "predatory pricing" and the extension of the free plans. Telecom players are concerned about Mukesh Ambani's deep cash kitty, with Reliance enriched by deep gas and oil refining margins which allows Ambani to dole out freebies, drawing subscribers away from the competition. TRAI had initially said that Jio would have to end its  free welcome offers by 3 December as inaugural offers are only valid for 90 days. However, TRAI gave Jio a nod for its Happy New Year plan which separately extended free offers till March 2017.  There have been recent suggestions from Reliance that they may extend the free offers even further, beyond March. 

Stock in spotlight: BPCL. The stock is trending up in markets, with a 79% gain from its 52 week low. The company's expansion in Kochi, Numaligarh and improvements in Bina is expected to strengthen a GRM that is already the most efficient in the industry.

Photo of the day: A four month old tiger owned by a travelling circus in Germany is taken for a walk. Jens Buttner/AFP/Getty