Former minister, statesman B A Mohideen no more

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

Mangaluru, July 18: A man and his son have been arrested for torturing an elderly woman in Savanalu under Belthangady police station limits in Dakshina Kannada. 

The arrest came after a video clip of the duo beating the woman went viral on social media.

According to police, the duo has been identified as the woman’s son Srinivas Shetty and her grandson Pradeep Shetty.

The accused had allegedly been torturing the 70-year-old ailing woman and the video of the same has gone viral on social media.

The police have booked a suo moto case under Indian Penal Code 323, 504 and section 24 of Maintenance and Welfare of Parents and Senior Citizens Act, 2007.

Bengaluru, Jan 28: Brace for hefty traffic penalties as the state government is all set to reverse a notification on revised fines which came into effect last September following pushback from road users and opposition parties.

The Karnataka government will implement traffic penalties as stipulated in the amended Motor Vehicles Act, 2019, in a phased manner following a diktat from the Centre. The government did not specify the timeline for it.

“At a recent meeting of transport ministers from various states, the Union government explained why it wanted to implement these huge fines. We found it convincing and will implement it in its original form,” said transport minister Laxman Savadi on Monday.

Savadi said India’s image globally has taken a beating due to the high number of road deaths and the Centre wants to change it at any cost. However, he said the entire set of hefty fines would not be reintroduced all at once.

BJP govt revised rates in Sept

The BJP government last September had revised fines on compoundable offences and those which are fined on the spot by traffic cops by 50%- 80%, barring drunken driving and racing.

As per the revised rates, helmetless riding attracted a penalty of Rs 500 against Rs 1,000 notified by the Centre. Driving without a licence attracted a fine of Rs 1,000 for

two- and three-wheelers and Rs 2,000 for light motor vehicles as against the earlier Rs 5,000 for all types of vehicles.

The central government recently told states and Union Territories they should enforce fines as per the amended Act and they cannot be rolled back. The road transport and highways ministry said fines cannot be reduced below the minimum amount fixed by law, unless the President gives his assent.