Top News Podcast: The Thackeray-Shinde power struggle, LIC's fight to reach issue price and more

The tense Maharashtra political situation continued on Wednesday with Shiv Sena’s Eknath Shinde and other rebel MLAs reaching Assam, followed by the Chief Minister Uddhav Thackeray’s ultimatum to them.

In this edition of Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest on stock marketsthe , IT sector, the Maharashtra government crisis, and more.

Sensex and Nifty fell sharply today amid weakness across sectors and other Asian markets despite a strong session on Wall Street overnight. Financial, oil & gas and metal shares were the biggest drags. Sensex ended 710 points lower while the Nifty50 slipped below 15,450. The rupee meanwhile hits an all-time low.

Fears of a recession are keeping investors nervous at a time when many analysts have already warned of more downside in the IT space on the Street. Some analysts are more concerned about the possibility of a recession in the US regardless of the healthy demand for Indian IT.

On the political front, Eknath Shinde has claimed the support of more than 40 Shiv Sena MLAs and seven Independent MLAs. He has denied forming a political party but is eyeing full control of Shiv Sena. 34 rebel Shiv Sena have signed a resolution endorsing Shinde as the party leader.