Year in Review: Jet collapse to NBFC mess, biggest business news of 2019
Marked by both good and bad news, the year 2019 was an important one for India’s major business houses and corporate leaders. While the non-banking financial companies (NBFC) crisis started with IL&FS going belly up in September the previous year got worse, the aviation sector witnessed a major setback with cash-strapped Jet Airways suspending flights.
The telecom sector, meanwhile, faced a life-threatening crisis with Rs 1.47 trillion in dues to be paid to the government after the Supreme Court order on adjusted gross revenues (AGR). The story of the banking industry was hardly better. While on the one hand governance issues at Punjab and Maharashtra Bank left customers’ deposits locked up following a restriction on withdrawals, on the other hand YES Bank has been at pains to raise funds through stake sale.
