The “gasping elephant” is how HSBC, the global banking giant, described the state of the Indian economy. The analogy could not have been more apt. It is easy to picture an elephant struggling to pull an ever-increasing load piled on by the country’s cruel political masters. The elephant is now gasping as well as flagging.
The problem is that the elephant’s mahouts are unable to maintain equilibrium between its pulling capacity and its ever-increasing load of budget deficits, subsidies and freebies. The load has been growing faster and faster thanks to the culture of free lunches nurtured by the country’s political leadership.
How freebie culture is killing our economy
Every indication suggests that the elephant is slowing, if not headed for a grinding halt. Latest economic statistics show that the country’s growth rate has plummeted to 5.3 per cent in the quarter January-March 2012, which is the slowest in nine years. http://t.in.com/0yYr
Sale by cresta was clear cut indicator of further fall. They sensed something and sold at 113.71 when the real damage was already over (from 290 to 113). So they inquired and came out to prevent further fall to their equity.
Rest, transactions by Marwadi are just left overs.