In today’s newsletter, lots of space for SpaceX in India, with both Bharti Airtel and Reliance Jio announcing partnership agreements for Starlink. But first, the crisis in India’s fifth-largest private bank — IndusInd.

The Reserve Bank of India reassures that IndusInd Bank remains financially stable despite a Rs 2,100 crore accounting discrepancy. The bank is directed to conclude remedial actions by Q4FY25. Customers are advised not to worry as an external review is underway,

By Nandan Mandayam and Siddhi Nayak (Reuters) -Shares of Indian private lender IndusInd Bank fell more than 22% to an over four-year low on Tuesday, a day after it reported discrepancies in accounting related to forex derivatives that could lead to a one-time hit to earnings.

MUMBAI: IndusInd Bank’s shares recovered some losses (up 4%) on Wednesday after plunging nearly 27% on Tuesday. Market players said concerns eased after reports said the promoter had finalised funds for acquiring Reliance Capital.

The trouble stems from an internal review that uncovered errors in how the bank accounted for hedging costs linked to past forex transactions.

Ashok Hinduja, chairman of IndusInd International Holdings, told CNBC-TV18: “At the moment, there is no margin call.”