Sensex crashes 2,919 points to end at 32,778; Nifty sinks 868 points to 9,590

Agencies
March 12, 2020

Mumbai, Mar 12: In what appears to be the worst trading session in the Indian stock markets, the benchmark BSE Sensex crashed over 2900 points to end below the 33,000-mark.

The Sensex crashed 2,919.26 points to end at 32,778.14. So far it has touched an intra-day low of 32,530.05 points.

The Nifty50 on the National Stock Exchange also lost nearly 850 points so far. It plunged 868.25 points to 9,590.15.

The plunge was in line with the global markets as all Asian indices also traded in the red after the World Health Organization (WHO) declared coronavirus a global pandemic following which the Dow Jones Industrial Average also slumped significantly on Wednesday.

The bear run in both the global and domestic markets has continued off late on concerns of the coronavirus outbreak severely impacting the global economy. It has also raised calls for government intervention and support.

Central banks in several countries, including the US Federal Reserve have announced emergency rate cuts to boost sentiments. However, the concerns have only deepened in the past few days as the number of COVID-19 cases across the world has increased.

Further, following the rout in the global markets oil prices also fell on Thursday with the Brent crude trading around $34 per barrel.

The Indian rupee also felt the pressure and touched a 17-month low of 74.34 per dollar in its initial trade.

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Agencies
January 4,2020

New Delhi, Jan 4: In more troubles for the former Finance Minister and senior Congress leader P Chidambaram, the Enforcement Directorate (ED) on Friday questioned him for over six hours in its probe into the Air India aircraft deal case, first time since his release from Tihar jail almost a month ago.

A senior ED official told IANS, "We questioned Chidambaram for over six hours today in the ongoing probe into the Air India deal with Airbus."

According to financial probe agency officials, Air India had planned to buy over 111 aircraft from Airbus and Boeing during the erstwhile United Progressive Alliance (UPA) government in 2009. This is the first time the ED has questioned the senior Congress leader in the Air India deal case.

The questioning of Chidambaram came for the first time since his release from the Tihar jail where he spent 106 days in connection with the INX Media money laundering case. He was released from Tihar on December 4 last year after he was granted bail by the Supreme Court. The former finance minister is also being investigated by the ED in a separate money-laundering cases of Aircel-Maxis deal.

An ED official said the contract to buy 43 aircraft from Airbus was finalised by a panel of ministers headed by Chidambaram in 2009. According to the ED, when the proposal to buy 43 aircraft from Airbus was sent to the Cabinet Committee on Security (CCS), there was a condition that the aircraft manufacturer would have to build training facilities and MRO (Maintenance, Repair and Overhaul) centres at a cost of Rs 70,000 crore. But later, when the purchase order was placed, the clause was removed.

The name of another UPA minister, Praful Patel, had also come up in the alleged scam in a charge sheet filed by the ED against corporate lobbyist Deepak Talwar on March 30 last year. Talwar was arrested last year by the ED after he was deported from the UAE.

The ED is probing the Air India-Indian Airlines merger; purchase of 111 aircraft from Boeing and Airbus at Rs 70,000 crore; ceding profitable routes and schedules to private airlines, and opening of training institutes with foreign investment.

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Agencies
February 10,2020

New delhi, Feb 10: The Supreme Court on Monday upheld the constitutional validity of the SC/ST Amendment Act, 2018, and said a court can grant anticipatory bail only in cases where a prima facie case is not made out.

A bench headed by Justice Arun Mishra said a preliminary inquiry is not essential before lodging an FIR under the act and the approval of senior police officials is not needed.

Justice Ravindra Bhat, the other member of the bench, said in a concurring verdict that every citizen needs to treat fellow citizens equally and foster the concept of fraternity.

Justice Bhat said a court can quash the FIR if a prima facie case is not made out under the SC/ST Act and the liberal use of anticipatory bail will defeat the intention of Parliament.

The top court's verdict came on a batch of PILs challenging the validity of the SC/ST Amendment Act of 2018, which was brought to nullify the effect of the apex court's 2018 ruling, which had diluted the provisions of the stringent Act.

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Agencies
February 11,2020

New Delhi, Feb 11: Delhi BJP chief Manoj Tiwari on Tuesday said the party will review why it failed to meet its own expectations in the Assembly polls and saw a moral victory in the fact that the party's vote share has increased since 2015.

"Delhi must have given mandate after careful thinking. Our vote percentage has increased from 32 per cent to around 38 per cent. Delhi did not reject us and the increase (in vote share) is a good sign for us," he told reporters.

He said the BJP hopes that there would be less blame game and more work in the national capital and congratulated Arvind Kejriwal on his party's victory in the polls.

After winning the Patparganj seat, AAP senior leader Manish Sisodia accused the BJP of indulging in the politics of hate.

"We indulge in politics of development not politics of hate. We're against the roadblock in Shaheen Bagh as we were earlier," he said.

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