Actor Rajinikanth defends Govt on CAA, says it won't affect Indian Muslims

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

New Delhi, Mar 10: Minutes after Jyotiraditya Scindia submitted his resignation to the party membership to Congress chief Sonia Gandhi, the Congress expelled him for anti-party activities after reports emerged that he had met PM Modi and Amit Shah.

Disgruntled Congress leader Jyotiraditya Scindia met Prime Minister Narendra Modi on Tuesday amid indications that he might join hands with the BJP to topple the Madhya Pradesh government.

Sources said Scindia first met Union Home Minister Amit Shah, and then the two leaders met Modi at the prime minister's residence.

Legislators loyal to Scindia, who has been upset with the Congress leadership with his marginalisation in the affairs of the Madhya Pradesh Congress, are likely to quit the party to reduce the Kamal Nath-led government to a minority.

It is likely to be followed by the Bharatiya Janata Party staking claim to form the government in the state.

The Congress President has approved the expulsion of Jyotiraditya Scindia from the Indian National Congress with immediate effect for "anti-party activities," said KC Venugopal, General Secretary Congress.

No person is, nor will be greater than the party: Congress youth wing chief

Indian Youth Congress (IYC) chief Srinivas B V on Tuesday slammed Jyotiraditya Scindia, who has announced his resignation from the primary membership of the Congress, and thanked party chief Sonia Gandhi for expelling the former Guna MP "who was promoting anti-party activities and factionalism".

"The history of 1857 and 1967 was once again repeated," Srinivas B V said, referring to the 1857 Revolt against East India Company and the role of the Scindia royals back then as well as Vijayaraje Scindia's switch from the Congress to the Jana Sangh in 1967.

"I would like to thank Congress president Sonia Gandhiji for taking the strong steps to expel the leader who was promoting anti-party activities and factionalism," the IYC chief said.

"No person is, nor will be greater than the party," he added.

New Delhi, Jul 15: Air India has started the process of identifying employees, based on various factors like efficiency, health and redundancy, who will be sent on compulsory leave without pay (LWP) for up to five years, according to an official order.

The airline's board of directors have authorised its Chairman and Managing Director Rajiv Bansal to send employees on LWP "for six months or for a period of two years extendable upto five years, depending upon the following factors - suitability, efficiency, competence, quality of performance, health of the employee, instance of non-availability of the employee for duty in the past as a result of ill health or otherwise and redundancy", the order said on Tuesday.

The departmental heads in the headquarter as well as regional directors are required to assess each employee "on the above mentioned factors and identify the cases where option of compulsory LWP can be exercised", stated the order dated July 14.

"Names of such employees need to be forwarded to the General Manager (Personnel) in headquarter for obtaining necessary approval of CMD," the order added.

In response to queries regarding this matter, Air India spokesperson said,"We would not like to make any comment on the issue."

Aviation sector has been significantly impacted due to the travel restrictions imposed in India and other countries due to the coronavirus pandemic. All airlines in India have taken cost-cutting measures such as pay cuts, LWP and firings of employees in order to conserve cash flow.

For example, GoAir has put most of its employees on compulsory LWP since April.

India resumed domestic passenger flights from May 25 after a gap of two months due to the coronavirus pandemic.

However, the airlines have been allowed to operate only a maximum of 45 per cent of their pre-COVID domestic flights. Occupancy rate in Indian domestic flights has been around 50-60 per cent since May 25.

Scheduled international passenger flights continue to remain suspended in India since March 23.

The passenger demand for air travel will contract by 49 per cent in 2020 for Indian carriers in comparison to 2019 due to COVID-19 crisis, said global airlines body IATA on Monday.