IPL Talk

Broking houses feel the pinch, tighten purse strings

From the look of it, it seems highly improbable if broking houses, banks and mutual funds will be in a position to etch their names on the winner’s trophy, co-own a team or buy prime television slots to air themselves to millions of cricket enthusiasts.

The near-50% fall in the market has forced broking houses and mutual funds (and also some high-profile private banks) to tighten purse strings and lie low. Apart from scaling down staff (which has been an ongoing process since January), broking outfits, in particular, have begun cutting expensive travel, knocking off coffee vending machines and refusing to reimburse staff tea bills.

Via ET

Via Crichome.com » Indian Premier League