Archive · 28 Sep 2026
Markets Slide; Tata Sons Plans Private, Court Reviews UPI Fees
Indian stock markets had a very difficult Monday.
The Sensex and Nifty both fell sharply, with the Nifty reaching its lowest level since April 2.
Foreign investors sold many Indian shares.
The rupee also became weaker against the US dollar.
Indian companies may have to pay more for oil because Russian supplies could become tighter.
Tata Sons is planning a reorganisation that would help it remain outside certain financial-company rules.
The Supreme Court did not temporarily stop a proposed fee on some UPI payments above ₹2,000.
It asked the government to explain the plan.
Separately, China and the United States agreed to reduce tariffs on some goods, and Nvidia introduced software to restrict unauthorised access by AI agents.
Sensex fell 1,124 points to 72,772, while Nifty dropped 360 points to 22,780, its lowest level since April 2.
Foreign institutional investors sold ₹5,353.22 crore of Indian equities, while the rupee weakened to ₹96.03 per US dollar.
Indian refiners expect Russian oil supplies to tighten in October and November, potentially forcing purchases of costlier alternatives.
Tata Trusts has proposed merging TESS and Tata Consulting Engineers with Tata Sons to keep the group outside NBFC and CIC regulations.
The Supreme Court declined an interim stay on the proposed MDR for specified UPI transactions above ₹2,000 and sought the Centre’s explanation.
- Who
- Indian equity investors, Tata Sons and Tata Trusts, the Centre, and the Supreme Court of India are central to the developments.
- What
- Indian markets suffered a sharp sell-off; Tata Sons proposed a restructuring to remain outside NBFC and CIC rules; and the Supreme Court considered a proposed MDR on certain UPI transactions above ₹2,000.
- When
- Monday, September 28; the market outlook and related developments were discussed ahead of Tuesday’s trading session.
- Where
- Indian stock markets and financial institutions in India; the reported tariff agreement concerns trade between China and the United States.
- Why
- Markets were pressured by heavy foreign selling, a weaker rupee, tighter expected Russian oil supplies, and rising crude prices.
Supporters and regulators
Challengers and affected parties
UPI merchant discount rate
Supporters and regulators
The Centre has proposed an MDR on specified UPI transactions above ₹2,000, and the Supreme Court declined to pause the proposal while seeking the government’s explanation.
Challengers and affected parties
The parties seeking interim relief asked the Supreme Court to stop the proposed levy, but the court did not grant that stay.
Tata Sons restructuring
Supporters and regulators
Tata Trusts has proposed merging TESS and Tata Consulting Engineers with Tata Sons as a strategic reorganisation to take the company outside the NBFC and CIC framework.
Challengers and affected parties
The existing regulatory framework would continue to apply unless the proposed restructuring is completed and accepted under applicable rules.
- Sensex close
- 72,772, down 1,124 points
- Nifty close
- 22,780, down 360 points; lowest level since April 2
- Foreign investor selling
- ₹5,353.22 crore on a provisional basis
- Rupee level
- ₹96.03 per US dollar
- Tata Trusts stake
- 66% of Tata Sons
- UPI proposal
- MDR on specified transactions above ₹2,000
- Russian oil outlook
- Supplies to Indian refiners are expected to tighten in October and November