Financial services firm Religare Enterprises is winding down its institutional equities business , said two people privy to the development. A Religare spokesperson said, "We have decided to scale back our India institutional equities business operations (Religare Capital Markets). The winding down began in February when the company asked institutional unit employees to leave." Religare shares ended their losing run on Wednesday, erasing early losses before ending 1.3 per cent higher atRs 103.70. For FY16, the company reported standalone net loss of Rs 159 crore against a net profit of Rs 83.82 crore in the previous year as revenue declined to Rs 35 crore from Rs 125 crore in the period.

Source: Economic Times July 13, 2017 05:03 UTC