Market Meltdown, the Virus, and our Actionables

@Donald. Thanks for sharing your thoughts and being a guide to less experienced investors like myself. Regarding point b) in your original post- it seemed to many that this is one of the key data at this point which will indicate peaking of the global economic cycle and possibly market cycle.

The new cases data in the last few days, especially in the US has not given any positives but the US markets seem to have reacted to
-Govt Stimulus package and
-Trump’s comments that lockdown in US economy may not continue beyond the next few days- in which case even the US Govt seems to be driven more by potential economic losses and election prospects than curtailing the virus.

One interesting data point in the US context is that so far most of the worst affected states (New York, New Jersey, California, Washington) have been primarily Democratic states in recent US elections.

As on today (Thursday), Dow is already up by more than 20% since Mondays close. Even SGX Nifty as I write this tonight is up by more than 20% from mondays Nifty low.

My point is could we be looking at a scenario where point c) as given by you takes precedence over point b) and hence is more relevant to assess ecomonic and market cycles.


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Yes, that IS one scenario. This view may be proved right, as could some others!
But that still wouldn’t mean that this was the right response in this situation!

Most people make bad decisions because they are so certain that they’re right that they don’t allow themselves to see the better alternatives that exist. Radically open-minded people know that coming up with the right questions and asking other smart people what they think is as important as having all the answers. They understand that you can’t make a great decision without swimming for a while in a state of “not knowing.” That is because what exists within the area of “not knowing” is so much greater and more exciting than anything any one of us knows. hashtag#principleoftheday


Worldwide coronavirus cases cross 500,000
0-100000: 67 days
100000-200000:11 days
200000-300000: 4 days
300000-400000: 3 days
400000-500000: 2 days

US now has the largest no. of cases worldwide at 82000+, crossing China and Italy.

The above US unemployment data is 4x more than that during great depression peak.

Probably a better comparison is to the hurricane times:

The current market pullback seems to be mainly driven by stimulus package and related announcements. But it seems unlikely that all governments will be able to spend out of this crisis.

Need to track India case numbers once we increase the amount of testing…

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Very interesting thread. Just to add my own experience in dealing with my investments thus far.

I have been following the Indian listed companies space only for about 3-4 years and have seen the massive bull market pass by. Made a few investments on selected names that I thought had good balance sheets, clean management, good ratios and reasonable growth potential. Some of those names ended up doing horrendously bad for me and led to steep losses inspite of their good standing. I was uncomfortable with investing in The creme de la creme of the Indian market due to very high valuations. I looked at the risk reward of investing in a company like Asian Paints vs investing in the American market on blue chip names like Amazon, Google etc. Dollar-for-dollar in earnings, I was getting to own more of Google, Apple, Facebook and Amazon than D-Mart, Asian paints or Relaxo. I looked around and found everybody else so engaged on their iPhones on instagram/whatsapp and decided to invest there instead (bought 15 blue chips with a technology skew).

My asset allocation pre-crisis looked like this - Equity - 40%, Cash - 10%, Fixed deposit - 50% (Note - equity includes my Pension assets which are invested across a few China/US/Europe focussed funds and I have no option to take them out for the next 25 years). I live in the UK, so I was also dealing with three different currencies and wanted to ensure I was diversified across INR, GBP and USD.

The reason I have been hoarding cash in FD was simply because I was uncomfortable with the valuations in markets world over. I would keep telling myself what an opportunity of a lifetime it would have been for people who had enough cash to plough into the market during the 2008 FC. And now that we are in a similar crisis, I have come to consider this as “my opportunity for this lifetime”. Optically, the greatest investors are born into the market during crises like these.

But the greatest challenge has been to have the conviction to go against the tide. My wealth has eroded by about 10% overall, while it is still unpleasant I do sleep well at night since I don’t need any of that cash anytime soon.

I have now devised a simple strategy to wade through this crisis.

  1. What I need in cash in case of an emergency and for planned expenditure over the next 2-3 years, will remain as cash/fixed deposits. Lets face it, a) our jobs are fickle - The companies we work for will dump us should things get difficult. I will need to continue to be able to afford paying rent, buying food, getting insurance, ocassionaly travel to India to visit family. b) we all make plans - to go on that holiday, to relocate to a different country, to do a PhD, to send our kids to a good school. There is no point putting any of these at risk. These are the things we make money for.

  2. What I can invest is going to be divided into 2 pots of four chunks each. One pot to invest in the Indian market and one pot to invest in Dow Jones.

  3. Each chunk within each pot will be deployed when the market has declined by a set % from my baseline investment. It is not very scientific, but it is a simple enough rule to take the guessing out associated with timing the market. I invested my first chunk in India on the dreadful 23rd of March (It was a scary day, I’ll tell you).

  4. In the US market - I will continue to invest in the 15 blue-chip technology oriented stocks that I have identified. These are fundamentally strong companies, with significant cash on their books. They are some of the most innovative companies in the world and most will continue to be in a decade from now. I am betting on these names.

  5. In India - I am going to take a “basket of stocks” approach. I have had shortlisted about 37 companies with good balance sheets, ratios and good management. I will not be able to track every one of them individually, but in an equal weighted portfolio of 37 copmanies each of them forms just 2.7% of my basket. I am not betting on any these names individually, but I am betting on India as a whole. This is a major difference in philosophy from my investments in US. Many will disagree with this approach, but this is what I think will work for me.

  6. I am going to start looking into buying gold. I do not yet know how much, what % of my assets or when. World over, central banks are embarking on money printing like no other time in history. Anthony Deden has been a strong supporter of buying gold for this reason and I have looked at him rather skeptically so far. But he may just be right.

  7. I am going to go from 50% in FD to all in after taking out what I need as said in (1). Jim Rogers refers to this in his books over and over - History is replete with examples of human ingenuity showing our collective ability to fight out crises like these and build spectacular civilisations. The collective strength and intellectual of mankind will take us out of this. It may be a year, two or even a decade from now. But we will come out stronger

It is bad now…it will get worse. But the key is to have a plan, stick to the course and adapt as the situation evolves.

Sorry for the long post!


This is a great thread started by @Donald. Let me put my two cents worth on this. Some of this I have already shared in the following posts:

  1. AA - Abhishek's Attic (place to store stuff to clear my head)! - #87 by basumallick
  2. AA - Abhishek's Attic (place to store stuff to clear my head)! - #90 by basumallick

Like in everything I am a strong proponent of understanding the context of a situation. For what we are going through, there is no precedent in history. Never in recorded history of mankind has entire countries and continents stopped working in one go. Let it sink in for some time. Never ever. Not in the 2 world wars nor in during the great plague or Spanish flu or during any other event did country after country shut down their business and basic way of living.

Pt 1 - There is no historical context.

We can compare with the last big fall which by the way was touted to be a once in a century event - the GFC or global financial crisis. A lot of things have changed since then. Interest rates, global liquidity, overbearance of central bankers on financial policy, newer geopolitical alignments are all different now.

To look at the current scenario, I think we are essentially faced with these questions:

  1. How bad can it get?
  2. How long can it last?
  3. What do we do if we are sitting on cash?
  4. What can we do if we are fully invested?
  5. What to buy?

Let’s take turns to think through each one.

1) How bad can it get?

I don’t know.

That is the simple answer. But I am personally expecting significant fall even from these levels. My reasoning is as follows:
US newsflow will continue to get worse over the next few weeks. US media, especially those which are popular globally are pro-Democratic and this being an election year, will fuel the frenzy further. India most likely will see increase in cases in the next 1-2 weeks which will fuel the fear of a longer duration lockdown.
The market shrugged off the RBI interventions. We need to see the market reaction next week to assess how the market is taking it, but when good news is swept under the carpet it is never a good sign.

I will be watching the 7500, 7000, 6500 levels on the Nifty closely in case we get to these levels.

On a fundamental basis,
Current Nifty EPS = 439 (standalone)
Possible FY21 Nifty EPS ~ 350-400 (expecting a 20-30% decline in earnings)
At a PE of 15 (standalone) we get a price range between 5250-6000.

At 6000 levels, markets would have corrected 50% from top. This is NOT impossible, even though it sounds improbable.
These levels are NOT sacrosanct. For all I know, markets could have already made a bottom last week.

2) How long can it last?
Again, I don’t know. But I am thinking on the following lines.

The way the economy is shaping up, the world is headed for a recession and India’s GDP is going to contract severely. Different estimates put it at a GDP growth of 2-3%, which is basically half of what was the base case scenario even 3 months back.
Today, sectors contributing to 25% of the GDP is working (telecom, banking, warehouses, pharma etc). 75% is sitting at home. Every month contributes 8.33% of the GDP. So, every month of a lockdown or restricted working impacts the GDP by 8.33%*75%=6.25%. Once the lockdown is released we will limp back to normalcy but the scars of this are unlikely to go away in a hurry.

I am personally preparing for a prolonged 2-year economic slump and consequent bear market or range-bound market. We could actually be oscillating between Nifty levels of 7000-10500 for the next 2 years. (I hope I am wrong!)

3) What do we do if we are sitting on cash?
Wait for markets to get some stability or valuations to become very lucrative. Good quality companies are still not mouth-wateringly cheap.

4) What can we do if we are fully invested?
The probability that markets go down from current levels is much higher than going up from here. So, I would sell ALL stocks which are non-core or where there is little or no fundamental conviction.

Raise some cash in the portfolio so that you can deploy at lower levels. This will also help you psychologically if the market falls further because i) you will know you have preserved some capital and ii) you will have some dry powder to deploy at lower levels.

This is NOT a buy on dips market. So, do not buy on dips :slight_smile:

5) What to buy?
Now, this is the most tricky question. Again this is what I have been agonising over the last 2 weeks. My thoughts are on the following lines.

If my base case of a prolonged bear market holds, then I need to look for companies which have:
i) strong free cash flows
ii) Zero or very low debt
iii) Real assets
iv) Moderate absolute growth
v) Good dividend yield

These are additional parameters to the normal ones of good management, high ROCE, reasonable valuations etc.

Pockets of opportunity would most likely be from the following:
i) Consumer discretionary
ii) FMCG
iii) Pharma (both domestic focused and export oriented) and ancillary (API)
iv) Agriculture and Food
v) Speciality Chemicals
vi) Utilities (electricity, gas)
vii) Strong banks & NBFCs

Longer-term opportunities need to be bottom-up.

Over the next 2-years, we need to be more cognizant of the overall market context than before should deploy a part of the portfolio in “value trades” rather than only long term buy and hold stories.

The beauty of the next 6 months would be the bleak short term outlook and the great longer-term opportunity. I would be on the lookout to find a balance between the two. It would be a great time to bring the word “multibaggers” back from the dead once again!!!


The other Points are NOT worth much debate (for me) - since the terrain has been laid out well before by others. Request everyone at VP to get really focused on 2 things from here on:

A. Have we created the Ammunition? (Else one would NOT be able to sleep well/vital for ENERGETIC response). I would reckon anything less than 30-40% Cash is sub-optimal. If sitting ON Higher Cash that could be due a) Absence of Core/Satellite Portfolio structure b) Need for complete rejig of Portfolio (brought on by excesses of last 2-3 years?) c) Zero Clutter mindset - Ready for Positive Action

B. Do we have CLARITY on what to buy? Choices create CONFUSION - that’s a Life-Fact. Plethora of Delicious Choices can make us really really confused - unless we are in the category of always know what we want to buy - which certainly won’t get us the maximum bang for the buck, but is a good enough response, in current context.

To help us all get fixated on this immediately, I am releasing a just-started-on Opportunity Map (probably not fit for public consumption at this stage) on a hunch that this might just be the ‘something’ that galvanises us into Action Mode on mapping the huge Buy Opportunity …coming soon!

Let’s refine this incrementally. Calling for inputs from Senior VP Members. This is once again just a starting Opportunity Map. Am seeking outside help - especially Mr D & Mr M - to help refine this. Don’t even know if this meets their standards :frowning_face:


Having read this Chart/Map/Check-list, I believe out of the 6 small/mid caps that I am tracking, and getting closer each week, I believe one of them might pique your interest as it meets many of the check boxes.

If this is what it takes, then I guess I am ready for the gig. I have updated my “About Us”. @Donald


Grateful for a quick chat with Mr D this morning. Our consistent efforts seem to be paying off. He is slowly responding to my pleas about VP Audience, desperately in need of guidance form Veteran Investors.

Q: Mr D, We are all bachhas in this completely new situation. Most of us were caught unawares. What would be your advise to VP Members?

A: Baccha toh abhi hum sab hai. This situation has no parallels from my investing journey. We must acknowledge WE DON’T KNOW.

Q: Some of my Technicals-Aware experienced friends at VP, are calling out for a massive correction in the Offing, and not shy of providing levels as low as 6500 for the Nifty in steps. I have maintained the argument that Levels are meaningless in this situation - that it will correct badly (swaggers-off, most senior Members are belatedly coming round to that view), perhaps much more from here, should be a good enough decision-input?

A: Markets - What level it could fall to, when should I start buying etc. type of worries, are best left for those who deal with such things! Apne liye toh, we don’t know is the correct response. Current lockdown by all indications (we are hearing) may be there till end Apr/End May. Now if someone starts buying TODAY with that in view - is a terribly optimistic view and not the correct response (though he may well be proved right). At the moment we can hope to be back to normal by Jun-July timeframes, when it will be summer months for the Northern Hemisphere. [One could follow Bill Gates TED Talk] | How we must respond to Coronavirus Pandemic]. That’s an assumption that can perhaps be made on how things stand today.

If we see where Markets are today NIFTY PE ~20, P/B ~2.5x, Div Yield 1.76 levels and compare it to 2008 Market lows, probably only on P/B we are close, have lot of ground to give up to reach P/E levels of 11-12 (when statistically it has been seen to be typical buy levels, post secular crash), even Div Yield was around 2.5x perhaps.

While we might think that Market has already fallen a lot, Effect of Lockdown is not yet priced in. So we could be far from the bottom, yes; that’s a good enough conservative conclusion. Responses should be similarly conservative, you don’t get any extra points for being aggressive in such a scenario.

We watch carefully, and keep tweaking understanding/projections, as clarity emerges progressively.

Q: With that out of the way, supposing one has created adequate ammunition, how should one prepare to take advantage of better & better opportunities?

A: So let’s say there will be a general secular downtrend right, each stock will find its own bottom, gradually - dependent on its sector-specific/ macro issues / and its own micro issues, and Management responses to the same, getting clearer with time.

So we should forget about market levels. What we CAN do is relook closely at business we know well. Make adjustments to projections on both Topline & Bottomline. Basically adjust for Growth rates, and Interest rates. Supposing, we were factoring in a 20% growth rate earlier, surely at least for a year we have to factor in lower growth and adjust progressively, as clarity emerges.

Q: So what would be conservative projections in your book? Factoring in only 6 months Sales, at a lower rate or say taking only a Qtr of earning into reckoning - does that take care of most problems?

A: One can do that. But a better way would be to go sector by sector, and company by company, that we know well and understand and try to run a simulation in our minds on sector specific issues that are likely to emerge, that there will be probably some Re-starting costs associated, that some sectors are likely to be more effected, and some less. Basically, go line item by line item on BS, On Costs, to re-assess better.

Q: Can you help us with some examples?

A: It’s obvious that Pharma and those businesses that fall under ambit of Essential Services are likely least impacted, right.

We could think about businesses that are dependent more on Government Spending and sport large Order Books. Those Order Books will now look like Fiction, isn’t it? Where is the Money? Their receivables will go up on existing orders, and new orders will get deferred. One might find some PSUs with huge 10000Cr+ Defence Orderbooks good businesses on most fronts, protected margins and available cheap, but effect of this?

We could think about Businesses that are dependent on Migrant Labour. It may be a long time before Migrant Labour finds it safe and remunerative to return? So Infra, Construction, RE - we could think about the severity of effect on their businesses. Some of these RE, and Infra plays may look cheap now - but thats based on last years earnings. Next year earnings would look very different isn’t it? So there is scope for much further fall there?

Q: Thank You, that was really useful and illuminating. It’s getting me excited that there can be a method-to-this-madness too.

A: You guys are good at this. I am sure you will take things forward from here. Look forward to learnings back from VP, and use in my frameworks.

Q: One last question before we let you go for now. There is this school of thought that some businesses are well positioned to take advantage of the health crisis, like say a Poly Medicure, or Hospitals? Any comments?

A: Yes. Some of these businesses are robust. And well placed today. They haven’t corrected much.
But you guys are focused on generating much bigger Alpha. The real opportunity is probably not in the discovered names, they are in those small businesses with business models which will face a year of hardships, but post that there is enough robustness and scale-up opportunities with good managements at helm.

I would say typical VP-style will be in play once again, once the Lockdown Lift-up settles down. That’s the time you guys will probably be again out on the field, meeting folks in different sectors, gathering scuttlebutt, figuring out the next set of winners!


Hitesh bhai…Put another way, this means wait for certainty. But low prices always come when there’s a lot of uncertainty about the future which means low prices won’t be available when there’s a little bit of certainty.

Does this statement mean one should wait a few more days and then invest or buy some stocks on the way down?


More from Mr D this morning.
Some Back to Basics principles!

Be humble. You may be wrong.
Be kind. You may be remembered.
Be forgiving. You may feel lighter.
Be trustworthy. You may see further.
Be generous. You may receive more.
Be curious. You may stay teachable.
Be hard working. You may be luckier.
Be yourself. You will be happier.
~Vala Afshar


Must watch

Indeed, this is a good watch, and worth pondering on, especially for the die-hard optimists.


8 posts were split to a new topic: Actionables 2.0: Perennial Favourites

  1. % Fixed cost vs variable cost / Fixed asset turnover
  • Fixed asset heavy businesses will have depreciation/interest burden
  • Businesses like HDFC AMC will not have losses as variable cost dominates
  • ‎Businesses like Thyrocare are asset light. Though they will likely be pre-occupied in less revenue generating tests for quite some time now.
  1. Import / Export dependency - Important given uncertainty as to when things may normalize and each country may have their own timelines

  2. Essential vs luxury
    Luxury items may face both supply and demand side disruption as purchases get postponed, funding gets tougher and limited availability may increase costs as well.

Disc: Accumulating HDFC AMC. Sold Thyrocare last week.


Mr D’s interview has found resonance with so many folks probably because
a) it reinforces, largely the common direction suggested by Senior Members with data points as to why there is much more scope to fall further - i) Lockdown NOT priced in, ii) Statistically NOT yet as cheap as previous secular lows, but more importantly (to my mind)

b) it provides important 2nd order clues/constructs for thinking deeper about industry sectors and businesses - i)Government Funding ii) Migrant Labour

Lets think more and come up with more 2nd order “Constructs” to deliberate/ponder upon for Sectors/Businesses dependency

  1. Govt Money
  2. Migrant Labour

We should attempt adding one 2nd-order construct every 2 days (NOT the first order constructs like high debt, asset light, export/import, else Mr D will think we are all linear first-order thinking folks. Time to pull up our socks and go hard at solving another important puzzle - which will have disproportionate rewards.

Where are our real thinkers? Those good at connecting the dots? Come on Guys/Gals - the incentives are very high. Lets get cracking - and focus our brilliant minds to constructive “2nd order construct” finding efforts :wink:

Let's also start tracking these 2nd order construct keywords/related keywords like "Migrant Labour", and around "Government Funding" - that might give us a better handle on the gravity of issues.

Migrant Labour is cited as one of the main causes

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  1. Working from home will/should become acceptable norm, in multiple sectors, not just IT, Will lead to change in the way people communicate, Nothing in listed space to take advantage of directly, other than telecom and its related industries in the value chain. This will the highest priority item in BCP meetings now onward.
  2. More and more businesses / customers accepting home delivery of essentials. Again nothing on the listed space to take advantage of directly, Flipkart/Amazon/BB to benefit the most.

Will add more as and when can come up with something.


Here are a few things I can think of

Effect/Outcome Sector/Companies
Disruptions for schools/colleges from education technology Edtech companies
Near distance video calls becoming the norm and replacing voice calls Telecom
Contactless delivery/transport using bots/drones Tata Elxsi ?
Fitness bands/watches evolving into surveillance devices that can authenticate an individual, track him or her and monitor vitals ?
Privacy advocates giving up in favour of larger benefits arising from accessible healthcare data NH, Apollo
Changes to the FDA drug approval process - more in the sense of optimising and fast-tracking the overall approval/inspection process Pharma formulation companies
Prescreening of international travellers might become mandatory and diagnostics laboratories might position themselves to offer this service using technology and superior customer experience Thyrocare, Dr Lal’s
Governments can link compliance and surveillance with subsidies and welfare spending SFB’s/MFI’s

Thanks for making an excellent effort. There are some new thoughts here. And you have tried to link up Business/Sector impacts which is good to ponder on.

My personal take on 2nd order constructs is different. These constructs will likely primarily help point us on what to AVOID, where there is likely to be a large immediate & severe fallout - like Mr D mentioned about Infra, Retail, Construction, Real Estate that are migrant labour heavy. Or Govt money/order dependent Businesses. Expanding on these constructs, and expanding on this list of Sectors to avoid is very important. Getting a good fix here will save us much work time and lead us to where to concentrate for potential big winners - again that are not so obvious e.g. other than Pharma.

If you closely look - Govt money dependency, and migrant labor dependency - are not obvious connects. @basumallick how do you see RITES in this context - Significantly impacted/Insignificant Impact
But telecommuting, or video communication, video-learning are still pretty obvious connects.

Was busy in multiple activities today.
Will devote 3-4 hours tomoorow on this quest. Its very important in my scheme of things to do this stuff better - at least try to get better at this - connecting the dots - not so obvious exercise. Will require some serious thinking.

Meanwhile please continue to keep commenting with ideas. This is active brainstorming. We do not start by precluding. All thinking-hat efforts are most welcome. I will try and share my frank responses, and I could be entirely wrong.


With MSME meltdown,getting WC from NBFCs will not be so easy in future, in that case, sectors where % of Unorganized is still very high, those sectors will see value migration…or see consolidation…eg Shoes/Textiles…huge disruptions


Some additions:

  1. Travel dependency impacting sales - particularly international travel - the virus will likely continue circulating in different countries and hemispheres for a long time - 18-24 months or longer - that will continually disrupt travel or may lead to long term travel restrictions that will restrict business travel. B2B businesses like IT/ITES etc will suffer, as will anything that depends on international markets, particularly emerging markets in Latin America etc (next hotzones for infections). Think niche pharma / services cos.
  2. Layoffs and salary cuts leading to cuts in discretionary spending - autos, consumer durables - Likely impact of layoffs and salary cuts will be to cut back heavily on discretionary spending. Personal thesis is ecommerce will jump into this void with deep discounting as consumers will be very very price sensitive for next couple of years - further hard times for brands. Premiumisation strategies and products will fall apart - market share to be gained by ultra affordable, durable and reliable products.
  3. Real estate further hit, blowback to finance co’s - there will be an implosion in commercial real estate rentals and property values due to retail / hospitality troubles. Knock on effects on RE / mortgage lenders and LAP based lenders. Concentration risks remain due to certain buildings / areas getting stigmatized due to potentially being infection zones.
  4. Offline retail in cities - ecommerce and delivery based daily essentials co’s like Big Basket are winning the day with customer fulfillment at this time - this will stick around for the longer term is my guess, permanent dip in retail footfall in this category. Not so good for offline retail chains that rely heavily on these categories.
  5. Massive moral hazard problem in unsecured retail lending - Provision of deferment of EMIs will create a major moral hazard challenge for unsecured retail lenders like Bajaj - expect muted growth with focus on collections for foreseeable future ala MFIs during demonetization. MFIs to be further hit due to dual whammy of moratoriums and lockdowns impacting collections - geography will be key - virus hotzones vs others. SME focused lenders to see huge upheaval in credit quality. Great time to be a gold loan provider - able to rapidly upsize limits of existing customers due to already having collateral which is rising in value.
  6. Dairy as big winner - sector has been foremost in continuing operations during lockdown - delivery at home brands like Pride of Cow etc will benefit from customer fulfillment - due to shutdown of B2B and HORECA sector, input prices have also crashed - good balance sheets to win big here as other FMCG stalls
  7. Selective logistics players - those playing in the agri / pharma value chain ought to benefit by continuing to be able to operate - several other competitors will face tremendous stress and likely be knocked out

Some first thoughts on second order effects on VC funded companies

  1. Possible death of some fast cash burning companies dependent on VC funding. Others who manage to survive will have to reduce burn rate.

A) We Work

B) One Web

C) Oyo- who has given minimum guarantee to most of the hotels it has partnered in India.

  1. Slowing down investments by Softbank and others

  2. Faster than expected price rationalisation of product and services in B2C businesses dependent on funding (Possibly Zomato, Swiggy, Uber, Ola).

Impact on white collar job market - Some of these companies are aggressive hirers for B school passouts.

Impact on unskilled and semi skilled job market- Incentives rationalisation of drivers, reduction in demand of delivery personnel.

One has to think further on the direct and indirect impact on Listed Indian companies, for eg: We work is a major tenant of Nesco, Companies like Quess Corp are dependent on contractual jobs created by many of these companies.