Bloomberg News reported on Wednesday that Apollo Global Management is looking to start its own credit investment business in India, thereby planning to end its joint venture with ICICI Bank.

The JV, Aion Capital Partners currently has assets under management worth $660 million. Apollo has informed the lender of its intention to stop putting new money into Aion and exit the existing investments gradually over the next few years.

Aion was founded as a strategic partnership between Apollo Global and ICICI in 2011.

Shares fell as much as 3% to Rs 342.6 and is among the top laggards on the Nifty 50 index.

• Trades at the highest level since October 2018
• Gains as much as 2.5% to Rs 378.25
• Up for the third straight day
• Has gained in 9 out of the last 11 trading sessions
• Up close to 10% in the last 11 trading sessions
• Today's volumes are 34% above the 20-day average
• Has nearly doubled from its 52-week low of Rs 202 on March 13, 2020
• 19 out of the 40 analysts tracking the stock have a buy recommendation; 8 sell calls
• The stock trades 12.1% above its 12-month consensus price target of Rs 326, implying a negative return potential

The Board of Directors of the lender at its board meeting held today has approved raising of funds up to Rs 500 crore.

The funds will be raised by issue of equity shares or other securities convertible into equity shares through a QIP as needed from time to time.

The fund raising will subject to necessary shareholder and regulatory approvals.

The stock trades 3.6% higher at Rs 76.05 and is up for the fifth straight day. The stock is up for the ninth out of the last 10 trading sessions.

• Benchmark indices trade near the day's low
• Nifty down 0.85% at 10,030
• Sensex down 0.87% at 33,947
• Nifty Bank down 0.9% at 20,911
• Nifty Midcap Index up 0.4%
• Nifty Smallcap Index up 0.6%
• India Volatility Index up 0.9% to 29.69
• Nifty Media Index remains the top sectoral gainer; up 1.7%
• Nifty Pharma is the top sectoral laggard; down 1%
• IndusInd Bank remains the top Nifty gainer; up 9%
• Sun Pharma is the top Nifty laggard; down 3.6%
• 970 stocks on the NSE trade with gains while 749 decline