My textbook (NCERT Physics Class 12th) has the following figure (Pg 212).
The Arm PQ is moved to the left side thus decreasing the area of the rectangular loop. This results in a decrease in magnetic flux in the Downward (inside the page) direction. Hence, according to lenz's law, the induced current should be in Clockwise direction but the book says the opposite.
Am I missing something? or is the book wrong?