Indian brokerage house Motilal Oswal Financial Services reported a 68% year-on-year collapse in net profit to Rs 362 crore for the second quarter, with revenue down about 35%. The firm cited weak capital-market activity and lower trading volumes as key factors. Several Indian banks and brokerages also posted sharp earnings declines for the quarter, pointing to strains in domestic financial-services flows. Market participants flagged the results as a warning on broader mid-cap liquidity and brokerage-earnings risk even amid a broadly bullish equity environment.