Infosys investors lose Rs 53,000 crore in a day

Shares of IT services firm Infosys on Tuesday plummeted nearly 17%, wiping Rs 53,451 crore from its market valuation, on concerns over a whistleblower complaint which alleged that two top executives of the company were indulging in unethical practices to increase short-term revenue and profits. The scrip tanked 16.21% to close at Rs 643.30 on … Read moreInfosys investors lose Rs 53,000 crore in a day

Abhijit Banerjee flags concern over banking crisis

Flagging concerns about the banking crisis in India, Nobel laureate Abhijit Banerjee on Tuesday said that aggressive changes are required to deal with the situation. He said that there is a need to bring down the stake of the government to below 50 per cent in banks so that the decisions are taken without fear … Read moreAbhijit Banerjee flags concern over banking crisis

Markets snap 6-day winning streak, sensex falls over 300 pts

Breaking its six-session rising streak, equity indices on Tuesday closed in red with the benchmark BSE sensex falling over 300 points, dragged by IT stocks. The 30-share BSE index fell 334.54 points points or 0.85 per cent to close at 38,963.84. While, the broader NSE Nifty ended 71.95 points or 0.62 per cent lower at … Read moreMarkets snap 6-day winning streak, sensex falls over 300 pts

When Abhijit Banerjee shared PM Modi’s joke

After his meeting with PM Modi, Nobel laureate Abhijit Banerjee was asked to share his “critical” views on Indian economy. Banerjee replied, “The PM started the meeting by cracking a joke about how the media is trying to trap me into saying anti-Modi things. He’s been watching TV, he’s been watching you guys, he knows … Read moreWhen Abhijit Banerjee shared PM Modi’s joke

Shun Malaysia, India’s palm oil buyers told

India’s top vegetable oil trade body has asked its members to stop buying palm oil from Malaysia, an unprecedented call aimed at helping New Delhi punish the country for criticising India over its policy toward Kashmir. India was Malaysia’s third-largest export destination in 2018 for palm oil and palm-based products worth 6.84 billion ringgit ($1.63 … Read moreShun Malaysia, India’s palm oil buyers told

INX Media case: SC grants bail to P Chidambaram

The Supreme Court on Tuesday granted bail to Congress leader and former finance minister P Chidambaram in the INX Media corruption case lodged by the CBI. A bench headed by justice R Banumathi set aside the Delhi high court’s September 30 verdict denying bail to Chidambaram in the case. The former finance minister is currently … Read moreINX Media case: SC grants bail to P Chidambaram

Infosys stock dives 14% on whistleblower plaint

It’s back to 2017 for Infosys. A letter accusing the CEO of dressing up the company’s financials to show better revenue sent the company’s share price plummeting by 14% in morning trade on the New York Stock Exchange on Monday. The anonymous letter writers said they have complained to the company board and to the … Read moreInfosys stock dives 14% on whistleblower plaint

Trump says ‘phase 1’ China trade pact on track for November

US President Donald Trump on Monday said progress in developing the text of a partial trade pact with China means he will likely be able to sign it next month. Trump remains upbeat on the chances Beijing and Washington will seal the mini-deal he announced earlier this month – marking a cooling-off period in the … Read moreTrump says ‘phase 1’ China trade pact on track for November

Banking operations may be affected due to strike on Tuesday

Services in state-owned banks may be affected as some of the employees unions have decided to observe nation-wide strike on Tuesday to protest against bank mergers and fall in deposit rates. However, officers and private sector banks are not part of the strike call given by All India Bank Employees Association (AIBEA) and Bank Employees … Read moreBanking operations may be affected due to strike on Tuesday