Business News Live: Stock Market Open Lower; Sensex Plunges Over 470 Points, Nifty At Around 22,800

In the latest business news, Suzlon Group has secured a significant order for a 551.25 MW wind power project from the Aditya Birla Group. The project will be executed across two locations in Rajasthan and Gujarat, with Suzlon developing 368.55 MW in the Barmer district of Rajasthan and the client developing another 182.70 MW in the Bhuj district of Gujarat.

On the stock market front, Paytm shares surged 5% and hit the upper circuit limit following media speculation about a potential stake acquisition by the Adani Group. However, both Paytm and the Adani Group have refuted these reports.

In another development, the Adani Group denied claims of a stake acquisition in Paytm, clarifying that there were no discussions regarding such a move. This news comes amidst the ongoing buzz in the fintech sector.

The Reserve Bank of India (RBI) introduced three new initiatives that have been well-received by the fintech industry. The initiatives include the PRAVAAH portal, the Retail Direct Mobile App, and a FinTech Repository, aimed at promoting transparency and innovation within the sector.

Meanwhile, the Indian stock market opened lower, with the Sensex plunging over 470 points and the Nifty trading around 22,800. Market dynamics showed 974 shares advancing, 1387 shares declining, and 97 shares remaining unchanged.

Overall, these developments highlight the dynamic nature of the business and stock market landscape, with companies making strategic moves and market indices responding to various global cues. Stay tuned for more updates on the latest business news.