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Finance Minister Arun Jaitley Thursday said the government is determined to contain the crisis at the IL&amp;FS at the earliest so that it does not leave any adverse impact.

The government earlier this week superseded the board of IL&amp;FS, which has a debt burden of Rs 91,000 crore and has defaulted on a series of loan repayments. The crisis at the IL&amp;FS has triggered concerns of a liquidity squeeze in the NBFCs and mutual funds.

The government has put in place a new board led by eminent banker Uday Kotak. The new board held its first meeting on Thursday.

"The government is determined to make sure that since this is an internal factor to India this should be contained quickly so that no adverse impact of it is left," Jaitley told reporters here.

He said there has been a "significant impact" on the markets in last few days on account of the contagion effect that took place on account of uncertainties over IL&amp;FS.

"The government has taken a decisive step in that regard, replaced the board and of course under the new board now it would take various decisions," he said.

Finance Minister Arun Jaitley Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact.

Finance Minister Arun Jaitley Thursday said the government is determined to contain the crisis at the IL&FS at the earliest so that it does not leave any adverse impact. The government earlier this week superseded the board of IL&FS, which has a debt burden of Rs 91,000 crore and has defaulted on a series of loan repayments. The crisis at the IL&FS has triggered concerns of a liquidity squeeze in the NBFCs and mutual funds. The government has put in place a new board led by eminent banker Uday Kotak. The new board held its first meeting on Thursday. "The government is determined to make sure that since this is an internal factor to India this should be contained quickly so that no adverse impact of it is left," Jaitley told reporters here. He said there has been a "significant impact" on the markets in last few days on account of the contagion effect that took place on account of uncertainties over IL&FS. "The government has taken a decisive step in that regard, replaced the board and of course under the new board now it would take various decisions," he said.

Government determined to contain IL&FS crisis so that there is no adverse impact: Jaitley

In mid-February, a lobby group chose Chanda Kochhar, the then head of ICICI Bank, for an interactive session with the visiting Canadian prime minister Justin Trudeau. A little over a month later, the toast of the town was battling allegations of impropriety that led to a multi-agency probe and an eventually forced leave-of-absence.

The 56-year-old Kochhar, who rose to occupy the corner office at the largest private sector lender, was mired in allegations of conflicts of interest, lack of disclosures and quid-pro-quo while extending loans to the now-bankrupt Videocon Industries. She, in fact, was the first woman to head a large lender in the country.

Kochhar, a favourite of the then group chairman KV Kamath, joined ICICI, an infrastructure lender in its earlier avatar, as a management trainee in 1984 and rose to play an important part in its transformation into a retail-focused lender and when it turned into a commercial bank in the early 1990s.

After the exit of the larger-than-life KV Kamath, she was chosen in 2009 to succeed the illustrious leader as the managing director and chief executive despite a strong leadership bench.

Her elevation also led to the exit of Shikha Sharma (Axis Bank chief), who was senior to her in ranking from the group. Before her elevation to the corner office, she was a key member of the bank's setting up, oversaw the retail business and was also the chief financial officer.

She consolidated activities at ICICI Bank, the only domestic lender to be impacted in the post-Lehman crisis, and ensured it speaks little and it is only her who does the talking all the time.

While Kamath faced many bank runs during his tenure, Kochhar's brute control on the institution has led to a complete arrest of such negative press. There was just one run-on during her tenure.

When an RBI review in 2015 found a high amount of under-reported dud assets with the bank, she announced a new strategy of concentrating only on the well-rated borrowers.

She championed many social causes but it was her inspiring rise to the top that was most admired. Yet, she perplexed many with her contrarian views that girls lack quantitative analytical skills, blaming it on the limited number of women in B-schools.

Over the years her leadership of the bank became a hyphenated relationship, wherein she came to define the bank, till it was broken Thursday with the announcement of her formal exit, six months after allegations of impropriety first cropped up against her, though she has been on an indefinite leave from May after the board was forced to appoint an external probe into the entire issue.

The reasons for her ouster pertain to the loan to Videocon and the business dalliances between its promoter Venugopal Dhoot and her husband Deepak Kochhar.

Dhoot had invested in and subsequently exited a power company promoted by Deepak and Chanda Kochhar did not recuse herself or disclose this when a loan was granted by ICICI Bank to Videocon as part of a consortium.

Initially, she enjoyed full backing of the board but lost support as the list of allegations kept growing with more names like an Essar group shell company of the Ruias also emerging among those with whom the Kochhar family had a relationship.

However, the gains from the Ruia ties were only a fraction of Videocon's loan of Rs 3,250 crore in FY11 which soon turned dud.

These allegations led to probes by multiple agencies, including the CBI, ED and SFIO, and also questioning of the Kochhar family members.

Finally, it was a complaint by a whistleblower who is yet to be named, which proved to be her undoing.

After exonerating her initially in the face of Videocon allegations, the bank launched an independent probe by retired judge BN Srikrishna and Kochhar went on indefinite leave pending the enquiry. This led to Sandeep Bakhshi being made the chief operating officer to oversee the day-to-day operations.

Kochhar had six months to go before her current term expires in March 2019. Regulations allow private sector bank chiefs to continue till the age of 70. Her offer to resign was accepted with immediate effect Thursday and Bakhshi was elevated to succeed her. The probe against her will continue and its outcome will determine the compensation she gets, the bank said in a statement.

In the past few months, shareholders have sought clarity on the issue at annual meetings and also raised concerns over the bank's move to appoint her as the chairman of group's securities arm. Kochhar, who maintained a huge public profile, has been away from public glare since May.

From a performance perspective, when she took over ICICI Bank was the second largest in the system and the largest among its private sector peers. But at the end of her actual carrier at the bank, it was reduced to a distant No 3 in the system and the second largest private sector lender after HDFC Bank by a wide margin.

The bank closed fiscal 2018 with advances of Rs 5.12 trillion on a deposit of Rs 56.1 trillion and net income of a paltry Rs 1,142 crore. In FY10 (her first full year at the helm), the bank had reported a net income of Rs 4,025 crore on a much smaller balance-sheet of Rs 2.02 trillion in deposits and Rs 1.81 trillion in advances.

Investors cheered the announcement, probably because of the clarity it brings in. The bank scrip closed 4.07 per cent up at Rs 315.95 on the BSE as against a 2.24 per cent plunge in the benchmark.

In mid-February, a lobby group chose Chanda Kochhar, the then head of ICICI Bank, for an interactive session with the visiting Canadian prime minister Justin Trudeau.

In mid-February, a lobby group chose Chanda Kochhar, the then head of ICICI Bank, for an interactive session with the visiting Canadian prime minister Justin Trudeau. A little over a month later, the toast of the town was battling allegations of impropriety that led to a multi-agency probe and an eventually forced leave-of-absence. The 56-year-old Kochhar, who rose to occupy the corner office at the largest private sector lender, was mired in allegations of conflicts of interest, lack of disclosures and quid-pro-quo while extending loans to the now-bankrupt Videocon Industries. She, in fact, was the first woman to head a large lender in the country. Kochhar, a favourite of the then group chairman KV Kamath, joined ICICI, an infrastructure lender in its earlier avatar, as a management trainee in 1984 and rose to play an important part in its transformation into a retail-focused lender and when it turned into a commercial bank in the early 1990s. After the exit of the larger-than-life KV Kamath, she was chosen in 2009 to succeed the illustrious leader as the managing director and chief executive despite a strong leadership bench. Her elevation also led to the exit of Shikha Sharma (Axis Bank chief), who was senior to her in ranking from the group. Before her elevation to the corner office, she was a key member of the bank's setting up, oversaw the retail business and was also the chief financial officer. She consolidated activities at ICICI Bank, the only domestic lender to be impacted in the post-Lehman crisis, and ensured it speaks little and it is only her who does the talking all the time. While Kamath faced many bank runs during his tenure, Kochhar's brute control on the institution has led to a complete arrest of such negative press. There was just one run-on during her tenure. When an RBI review in 2015 found a high amount of under-reported dud assets with the bank, she announced a new strategy of concentrating only on the well-rated borrowers. She championed many social causes but it was her inspiring rise to the top that was most admired. Yet, she perplexed many with her contrarian views that girls lack quantitative analytical skills, blaming it on the limited number of women in B-schools. Over the years her leadership of the bank became a hyphenated relationship, wherein she came to define the bank, till it was broken Thursday with the announcement of her formal exit, six months after allegations of impropriety first cropped up against her, though she has been on an indefinite leave from May after the board was forced to appoint an external probe into the entire issue. The reasons for her ouster pertain to the loan to Videocon and the business dalliances between its promoter Venugopal Dhoot and her husband Deepak Kochhar. Dhoot had invested in and subsequently exited a power company promoted by Deepak and Chanda Kochhar did not recuse herself or disclose this when a loan was granted by ICICI Bank to Videocon as part of a consortium. Initially, she enjoyed full backing of the board but lost support as the list of allegations kept growing with more names like an Essar group shell company of the Ruias also emerging among those with whom the Kochhar family had a relationship. However, the gains from the Ruia ties were only a fraction of Videocon's loan of Rs 3,250 crore in FY11 which soon turned dud. These allegations led to probes by multiple agencies, including the CBI, ED and SFIO, and also questioning of the Kochhar family members. Finally, it was a complaint by a whistleblower who is yet to be named, which proved to be her undoing. After exonerating her initially in the face of Videocon allegations, the bank launched an independent probe by retired judge BN Srikrishna and Kochhar went on indefinite leave pending the enquiry. This led to Sandeep Bakhshi being made the chief operating officer to oversee the day-to-day operations. Kochhar had six months to go before her current term expires in March 2019. Regulations allow private sector bank chiefs to continue till the age of 70. Her offer to resign was accepted with immediate effect Thursday and Bakhshi was elevated to succeed her. The probe against her will continue and its outcome will determine the compensation she gets, the bank said in a statement. In the past few months, shareholders have sought clarity on the issue at annual meetings and also raised concerns over the bank's move to appoint her as the chairman of group's securities arm. Kochhar, who maintained a huge public profile, has been away from public glare since May. From a performance perspective, when she took over ICICI Bank was the second largest in the system and the largest among its private sector peers. But at the end of her actual carrier at the bank, it was reduced to a distant No 3 in the system and the second largest private sector lender after HDFC Bank by a wide margin. The bank closed fiscal 2018 with advances of Rs 5.12 trillion on a deposit of Rs 56.1 trillion and net income of a paltry Rs 1,142 crore. In FY10 (her first full year at the helm), the bank had reported a net income of Rs 4,025 crore on a much smaller balance-sheet of Rs 2.02 trillion in deposits and Rs 1.81 trillion in advances. Investors cheered the announcement, probably because of the clarity it brings in. The bank scrip closed 4.07 per cent up at Rs 315.95 on the BSE as against a 2.24 per cent plunge in the benchmark.

Chanda Kochhar: The fall of a feisty woman who broke the glass ceiling

ICICI Bank on Thursday elevated its Chief Operating Officer (COO) Sandeep Bakhshi as managing director and CEO in place of Chanda Kochhar who quit after a nine-year stint as the head of the bank.

Bakhshi has been appointed for a period of five years till October 3, 2023. He was earlier associated with the group's insurance firm ICICI Prudential Life Insurance Co Ltd as managing director &amp; CEO.

He was brought to the bank for a smooth functioning as Kochhar was forced to go on an indefinite leave since June pending an external enquiry instituted by the country's largest private sector bank on allegations of favouring in family members in granting loans to a few corporate houses.

Bakhshi had joined the ICICI group on December 1, 1986, in the project financing division and was responsible for wholesale banking &amp; small and medium enterprises business.

He was appointed managing director &amp; CEO of ICICI Lombard General Insurance Company on April 2002 and was instrumental in scaling up the private sector general insurance offerings in the country.

Bakhshi also remained as the Deputy Managing Director and handled both the Retail and Corporate Banking business of ICICI Bank from May 1, 2009 to July 31, 2010. Thereafter, he took charge as Managing Director &amp; CEO of ICICI Prudential Life Insurance Company on August 1, 2010.

A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.

ICICI Bank on Thursday elevated its Chief Operating Officer (COO) Sandeep Bakhshi as managing director and CEO in place of Chanda Kochhar who quit after a nine-year stint as the head of the bank.

ICICI Bank on Thursday elevated its Chief Operating Officer (COO) Sandeep Bakhshi as managing director and CEO in place of Chanda Kochhar who quit after a nine-year stint as the head of the bank. Bakhshi has been appointed for a period of five years till October 3, 2023. He was earlier associated with the group's insurance firm ICICI Prudential Life Insurance Co Ltd as managing director & CEO. He was brought to the bank for a smooth functioning as Kochhar was forced to go on an indefinite leave since June pending an external enquiry instituted by the country's largest private sector bank on allegations of favouring in family members in granting loans to a few corporate houses. Bakhshi had joined the ICICI group on December 1, 1986, in the project financing division and was responsible for wholesale banking & small and medium enterprises business. He was appointed managing director & CEO of ICICI Lombard General Insurance Company on April 2002 and was instrumental in scaling up the private sector general insurance offerings in the country. Bakhshi also remained as the Deputy Managing Director and handled both the Retail and Corporate Banking business of ICICI Bank from May 1, 2009 to July 31, 2010. Thereafter, he took charge as Managing Director & CEO of ICICI Prudential Life Insurance Company on August 1, 2010. A seasoned banker with over 30 years of experience, Bakhshi is a mechanical engineer from Punjab Engineering College, Chandigarh. He has a post-graduate degree in management from Xavier Labour Relations Institute.

Meet Sandeep Bakhshi, the man who replaces Chanda Kochhar as ICICI Bank head

India is facing an "economic crisis" due to its huge oil imports, two local TV channels cited Transport Minister Nitin Gadkari as saying on Thursday, ahead of a meeting of key ministers to discuss the falling rupee and the nation's widening trade deficit.

India, the world's third-biggest oil importer, depends on overseas markets to meet 80 per cent of its oil needs.

The partially convertible rupee has lost about 13 per cent against the dollar since the beginning of the year, adding to the nation's oil import bill at a time when crude is hovering at around $85 a barrel.

India is facing an "economic crisis" due to its huge oil imports, two local TV channels cited Transport Minister Nitin Gadkari as saying on Thursday, ahead of a meeting of key ministers to discuss the falling rupee and the nation's widening trade deficit.

India is facing an "economic crisis" due to its huge oil imports, two local TV channels cited Transport Minister Nitin Gadkari as saying on Thursday, ahead of a meeting of key ministers to discuss the falling rupee and the nation's widening trade deficit. India, the world's third-biggest oil importer, depends on overseas markets to meet 80 per cent of its oil needs. The partially convertible rupee has lost about 13 per cent against the dollar since the beginning of the year, adding to the nation's oil import bill at a time when crude is hovering at around $85 a barrel.

India facing 'economic crisis' due to huge oil imports: Nitin Gadkari 

Investors became poorer by Rs 5 lakh crore in two days of stock market crash where the BSE benchmark index plummeted by 1,357 points.

Markets witnessed severe selling Thursday with the benchmark Sensex crashing over 806 points to end at 35,169.16 after the rupee crashed to a new life-time low and global crude oil price breached the USD 86 a barrel.

The gauge had lost 550.51 points Wednesday on rupee woes and surging crude oil prices.&nbsp;

Led by the sharp sell-off in equities, the market capitalisation of BSE-listed companies tumbled Rs 5,02,895.97 crore to Rs 1,40,39,742.92 crore (USD 1.90 trillion).

The dollar figure has been arrived at by calculating the m-cap from rupee's intra-day low of 73.81 Thursday.&nbsp;

With this, market capitalisation of BSE-listed firms slipped below the USD 2 trillion.

"The strongest of businesses and the bluest of blue chips have cracked in the last couple of sessions, which highlights the prevailing negative sentiment and an environment of pessimism. With the rupee hitting a record low, crude prices moving northwards, increasing fears of a broadening current account deficit along with the liquidity worries led to another major fall in the indices and broader markets.&nbsp;

"With deteriorating macros, all eyes will now be on the second quarter earnings and how the current liquidity situation is addressed," said Devang Mehta, Head ? Equity Advisory, Centrum Wealth Management.

The bloodbath on the bourses was primarily triggered by a continued slide in the rupee which hit yet another low of 73.81 (intra-day) against the dollar, brokers said. 
From the 30-share pack, 24 scrips declined, while 6 advanced.

RIL was the worst hit from the pack plunging 7.03 per cent followed by Hero MotoCorp 5.45 per cent and TCS 4.54 per cent.

In the broader market, the S&amp;P BSE midcap index fell by 1.93 per cent and smallcap index 2.07 per cent.

"Indian markets have been seeing a sharp sell-off on account of depreciation in rupee and higher crude prices. This negative sentiment was further reinforced by fears of liquidity crisis to support credit growth following the IL&amp;FS scare," said Nitasha Shankar, Sr Vice President and Head of Research, YES Securities.

Nearly 400 stocks hit their 52-week low on BSE Thursday.

At the BSE, 1,889 stocks declined, while 775 advanced and 138 remained unchanged.&nbsp;

Investors became poorer by Rs 5 lakh crore in two days of stock market crash where the BSE benchmark index plummeted by 1,357 points. Markets witnessed severe selling Thursday with the benchmark Sensex crashing over 806 points to end at 35,169.

Investors became poorer by Rs 5 lakh crore in two days of stock market crash where the BSE benchmark index plummeted by 1,357 points. Markets witnessed severe selling Thursday with the benchmark Sensex crashing over 806 points to end at 35,169.16 after the rupee crashed to a new life-time low and global crude oil price breached the USD 86 a barrel. The gauge had lost 550.51 points Wednesday on rupee woes and surging crude oil prices. Led by the sharp sell-off in equities, the market capitalisation of BSE-listed companies tumbled Rs 5,02,895.97 crore to Rs 1,40,39,742.92 crore (USD 1.90 trillion). The dollar figure has been arrived at by calculating the m-cap from rupee's intra-day low of 73.81 Thursday. With this, market capitalisation of BSE-listed firms slipped below the USD 2 trillion. "The strongest of businesses and the bluest of blue chips have cracked in the last couple of sessions, which highlights the prevailing negative sentiment and an environment of pessimism. With the rupee hitting a record low, crude prices moving northwards, increasing fears of a broadening current account deficit along with the liquidity worries led to another major fall in the indices and broader markets. "With deteriorating macros, all eyes will now be on the second quarter earnings and how the current liquidity situation is addressed," said Devang Mehta, Head ? Equity Advisory, Centrum Wealth Management. The bloodbath on the bourses was primarily triggered by a continued slide in the rupee which hit yet another low of 73.81 (intra-day) against the dollar, brokers said. From the 30-share pack, 24 scrips declined, while 6 advanced. RIL was the worst hit from the pack plunging 7.03 per cent followed by Hero MotoCorp 5.45 per cent and TCS 4.54 per cent. In the broader market, the S&P BSE midcap index fell by 1.93 per cent and smallcap index 2.07 per cent. "Indian markets have been seeing a sharp sell-off on account of depreciation in rupee and higher crude prices. This negative sentiment was further reinforced by fears of liquidity crisis to support credit growth following the IL&FS scare," said Nitasha Shankar, Sr Vice President and Head of Research, YES Securities. Nearly 400 stocks hit their 52-week low on BSE Thursday. At the BSE, 1,889 stocks declined, while 775 advanced and 138 remained unchanged.

Investors become poorer by Rs 5 lakh crore in two days of market crash

Indian stock markets closed in red on Thursday with BSE Sensex diving 806.47 points to close at 35,169.16 and Nifty sinking 259 points at 10,599.25, news agency PTI reported.&nbsp;

Markets today opened on a negative note, with the BSE benchmark Sensex cracking over 850 points in early session as the rupee hit another low amid weak global cues and fears of widening current account deficit.

The 50-share Nifty tumbled nearly 250 points to test the 10,600-mark during the day.&nbsp;

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<a href="https://twitter.com/hashtag/Sensex?src=hash&amp;ref_src=twsrc%5Etfw">#Sensex</a> down by 806.47 points, currently at 35,169.16; Nifty down by 259 points, currently at 10,599.25
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The rupee's plunge to a new record low of 73.72 against the dollar in early trade, too, weighed on investor mood.

Meanwhile, fuel prices across the country witnessed an unabated rise with petrol in Mumbai selling at Rs 91.34 per litre, while diesel rose to Rs 80.10 per litre. In Delhi, prices of petrol and diesel were hiked by 0.15 paise and 0.20 paise, respectively at Rs 84 per litre and Rs 75.45 per litre, respectively.&nbsp;

Union Finance Minister Arun Jaitley on Thursday noon announced relief to consumers by communicating government's decision to cut fuel prices by Rs 2.5.&nbsp;

According to the Finance Minister, while the excise duty has been cut by Rs 1.5, various oil marketing companies will also absorb Rs 1 giving a cumulative relief of Rs 2.5 on fuel prices to the consumers.

Indian stock markets closed in red on Thursday with BSE Sensex diving 806.47 points to close at 35,169.16 and Nifty sinking 259 points at 10,599.25, news agency PTI reported.

Indian stock markets closed in red on Thursday with BSE Sensex diving 806.47 points to close at 35,169.16 and Nifty sinking 259 points at 10,599.25, news agency PTI reported. Markets today opened on a negative note, with the BSE benchmark Sensex cracking over 850 points in early session as the rupee hit another low amid weak global cues and fears of widening current account deficit. The 50-share Nifty tumbled nearly 250 points to test the 10,600-mark during the day. #Sensex down by 806.47 points, currently at 35,169.16; Nifty down by 259 points, currently at 10,599.25 — ANI (@ANI) October 4, 2018 × The rupee's plunge to a new record low of 73.72 against the dollar in early trade, too, weighed on investor mood. Meanwhile, fuel prices across the country witnessed an unabated rise with petrol in Mumbai selling at Rs 91.34 per litre, while diesel rose to Rs 80.10 per litre. In Delhi, prices of petrol and diesel were hiked by 0.15 paise and 0.20 paise, respectively at Rs 84 per litre and Rs 75.45 per litre, respectively. Union Finance Minister Arun Jaitley on Thursday noon announced relief to consumers by communicating government's decision to cut fuel prices by Rs 2.5. According to the Finance Minister, while the excise duty has been cut by Rs 1.5, various oil marketing companies will also absorb Rs 1 giving a cumulative relief of Rs 2.5 on fuel prices to the consumers.

Markets close in red, Sensex tanks 806.47 points to close at 35,169.16  

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI.

Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE.

On NSE, shares of the company jumped 5.77 per cent to Rs 321.25.

The stock was the top gainer among the blue chips on both the key indices during the afternoon trade, the report added.

The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI.

Shares of ICICI Bank surged nearly 6 per cent Thursday after its Managing Director Chanda Kochhar resigned from the bank with immediate effect, reported news agency PTI. Following the announcement, the stock soared 5.69 per cent to Rs 320.90 on BSE. On NSE, shares of the company jumped 5.77 per cent to Rs 321.25. The stock was the top gainer among the blue chips on both the key indices during the afternoon trade, the report added. The board of the bank has accepted the request of Kochhar to seek early retirement, according to a regulatory filing.

ICICI Bank shares jump 6 per cent as Chanda Kochhar quits 

The BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade Wednesday after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices.

The BSE 30-share barometer fell 231.08 points, or 0.63 per cent, to 36,295.06 after hitting a low of 36,325.15. The gauge had gained 299 points Monday after the RBI announced measures to shore up liquidity.

Investors were also cautious ahead of the three-day RBI policy review scheduled to begin Wednesday.

Sectoral indices led by PSU, metal, infrastructure, power, oil and gas, auto, capital goods, realty and consumer durables stocks were trading in the negative terrain, falling by up to 1.43 per cent.

The NSE Nifty fell 93.55 points, or 0.85 per cent, to 10,914.75.

Top laggards include Maruti Suzuki, Asian Paint, TCS, Coal India, HDFC Bank, SBI and IndusInd Bank, falling up to 2.18 per cent.

However, Yes Bank continued its recovery for the second straight day and rose 7 per cent. ONGC, Infosys, Hero MotoCorp, ITC and Sun Pharma were also trading in the green on bargain buying.

Foreign funds sold shares worth a net of Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore Monday, provisional data showed.

Meanwhile, Brent crude oil near USD 85 a barrel, the rupee weakening by 43 paise to hit an all-time low of 73.34 against the dollar, and a mixed trend in other Asian markets also influenced trading sentiment here.

Japan's Nikkei fell 0.40 per cent, while Hong Kong's Hang Seng shed 0.56 per cent in early deals. Chinese markets were closed for a public holiday. 
The US Dow Jones Industrial Average ended at a record high by rising 0.46 per cent Tuesday.&nbsp;

The BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade Wednesday after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices.

The BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade Wednesday after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices. The BSE 30-share barometer fell 231.08 points, or 0.63 per cent, to 36,295.06 after hitting a low of 36,325.15. The gauge had gained 299 points Monday after the RBI announced measures to shore up liquidity. Investors were also cautious ahead of the three-day RBI policy review scheduled to begin Wednesday. Sectoral indices led by PSU, metal, infrastructure, power, oil and gas, auto, capital goods, realty and consumer durables stocks were trading in the negative terrain, falling by up to 1.43 per cent. The NSE Nifty fell 93.55 points, or 0.85 per cent, to 10,914.75. Top laggards include Maruti Suzuki, Asian Paint, TCS, Coal India, HDFC Bank, SBI and IndusInd Bank, falling up to 2.18 per cent. However, Yes Bank continued its recovery for the second straight day and rose 7 per cent. ONGC, Infosys, Hero MotoCorp, ITC and Sun Pharma were also trading in the green on bargain buying. Foreign funds sold shares worth a net of Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore Monday, provisional data showed. Meanwhile, Brent crude oil near USD 85 a barrel, the rupee weakening by 43 paise to hit an all-time low of 73.34 against the dollar, and a mixed trend in other Asian markets also influenced trading sentiment here. Japan's Nikkei fell 0.40 per cent, while Hong Kong's Hang Seng shed 0.56 per cent in early deals. Chinese markets were closed for a public holiday. The US Dow Jones Industrial Average ended at a record high by rising 0.46 per cent Tuesday.

Sensex falls over 200 points, Nifty slips below 11,000

Upset over police treating his son’s ‘unnatural death’ as suicide rather than a murder, a Muslim man has embraced Hinduism along with 12 of his family members, according to officials here. Akhtar, resident of Badarkha village under Chhaprauli police station area, switched over to Hinduism Monday along with family members and subsequently submitted an affidavit to the area sub-divisional magistrate, testifying to their voluntary change of religion, officials said. Akhtar later told reporters that he felt the religion change might spur police to “properly investigate his son’s murder”.

Baghpat District Magistrate Rishirendra Kumar confirmed the incident and said the family members changed their religion as they were not satisfied with the police probe into the death of Akhtar’s son a few months ago. The family changed their religion amid requisite religious rituals, including a ‘hawan’, said Yuva Hindu Vahini (Bharat) state chief Shaukendra Khokhar on Tuesday.

Khokhar said Akhtar was upset after his son Gulhasan was “murdered”. “Gulhasan’s body, however, was hung to make it appear a suicide,” he said. Despite repeated assertions by the youth’s family that he was murdered, the police concluded it to be a case of suicide, he said.

Khokhar said Akhtar’s family sought help from the members of their own community but they were “not very forthcoming and did not help them much”. This prompted Akhtar and his family members to change their religion, he added. The family members wrapped saffron robes around their shoulders and chanted “Jai Shri Ram”, he said. They also got their names changed, he added.

Khokhar said a ‘hawan’ and recitation of Hanuman Chalisa too was held at the Badarkha village Tuesday. The members of Akhtar’s family, who switched over to Hinduism include Nafisa, Zakir, Dilshad, Naushad, Irshad, and others, he said. When contacted, Baghpat District Magistrate Kumar said some people in Baraut tehsil voluntarily changed their religion and submitted affidavits.

“These people were not satisfied with the probe into the death of one of their family members. The matter is being examined in consultation with the superintendent of police,” he said. SP Shailesh Kumar Pandey said he received information about some members of the Muslim community changing their religion. “The matter is being looked into,” he said.

Upset over police treating his son’s ‘unnatural death’ as suicide rather than a murder, a Muslim man has embraced Hinduism along with 12 of his family members, according to officials here.

Upset over police treating his son’s ‘unnatural death’ as suicide rather than a murder, a Muslim man has embraced Hinduism along with 12 of his family members, according to officials here. Akhtar, resident of Badarkha village under Chhaprauli police station area, switched over to Hinduism Monday along with family members and subsequently submitted an affidavit to the area sub-divisional magistrate, testifying to their voluntary change of religion, officials said. Akhtar later told reporters that he felt the religion change might spur police to “properly investigate his son’s murder”. Baghpat District Magistrate Rishirendra Kumar confirmed the incident and said the family members changed their religion as they were not satisfied with the police probe into the death of Akhtar’s son a few months ago. The family changed their religion amid requisite religious rituals, including a ‘hawan’, said Yuva Hindu Vahini (Bharat) state chief Shaukendra Khokhar on Tuesday. Khokhar said Akhtar was upset after his son Gulhasan was “murdered”. “Gulhasan’s body, however, was hung to make it appear a suicide,” he said. Despite repeated assertions by the youth’s family that he was murdered, the police concluded it to be a case of suicide, he said. Khokhar said Akhtar’s family sought help from the members of their own community but they were “not very forthcoming and did not help them much”. This prompted Akhtar and his family members to change their religion, he added. The family members wrapped saffron robes around their shoulders and chanted “Jai Shri Ram”, he said. They also got their names changed, he added. Khokhar said a ‘hawan’ and recitation of Hanuman Chalisa too was held at the Badarkha village Tuesday. The members of Akhtar’s family, who switched over to Hinduism include Nafisa, Zakir, Dilshad, Naushad, Irshad, and others, he said. When contacted, Baghpat District Magistrate Kumar said some people in Baraut tehsil voluntarily changed their religion and submitted affidavits. “These people were not satisfied with the probe into the death of one of their family members. The matter is being examined in consultation with the superintendent of police,” he said. SP Shailesh Kumar Pandey said he received information about some members of the Muslim community changing their religion. “The matter is being looked into,” he said.

Upset over police treating son's death as suicide Muslim man embraces Hinduism with family

The Reserve Bank of India on Wednesday said it will relax external commercial borrowings (ECB) policy to allow state-run oil marketing companies to raise external debt for working capital purposes.

The RBI will permit oil marketing firms to raise overseas funds with minimum average maturity period of 3 or 5 years under the automatic route, it said in a statement. It lifted the individual borrowing limit set at $750 million under the ECB framework.

The move comes in light of the rupee's drop to a record low on Wednesday triggered by a sharp rise in global crude oil prices, prompting the central bank to quickly intervene to slow its fall.

The Reserve Bank of India on Wednesday said it will relax external commercial borrowings (ECB) policy to allow state-run oil marketing companies to raise external debt for working capital purposes.

The Reserve Bank of India on Wednesday said it will relax external commercial borrowings (ECB) policy to allow state-run oil marketing companies to raise external debt for working capital purposes. The RBI will permit oil marketing firms to raise overseas funds with minimum average maturity period of 3 or 5 years under the automatic route, it said in a statement. It lifted the individual borrowing limit set at $750 million under the ECB framework. The move comes in light of the rupee's drop to a record low on Wednesday triggered by a sharp rise in global crude oil prices, prompting the central bank to quickly intervene to slow its fall.

RBI eases overseas borrowing norms for state-run oil companies

The government on Wednesday raised the price at which it buys new-season wheat from local farmers by 105 rupees or 6 per cent, Union Minister of Agriculture &amp; Farmers Welfare said on Wednesday, as Prime Minister Narendra Modi tries to defuse discontent among farmers ahead of elections in 2019.

The revised purchase price of 1,840 rupees ($25.09) per 100 kg for 2019 compares with 1,735 rupees a year ago, minister Radha Mohan Singh said.

India, the world's second-biggest rice and wheat producer, buys the grain from local farmers at state-set prices to build stocks to run a major food welfare programme.

Earlier, Reuters had reported that India was set to raise the support price of wheat by 6 per cent on Wednesday due to growing farmer discontent.

The government also raised the support price of chickpea and rapeseed to 4,620 and 4,200 rupees respectively, per 100 kg, Singh added.

The government on Wednesday raised the price at which it buys new-season wheat from local farmers by 105 rupees or 6 per cent, Union Minister of Agriculture & Farmers Welfare said on Wednesday, as Prime Minister Narendra Modi tries to defuse discontent among farmers ahead of elections in 2019.

The government on Wednesday raised the price at which it buys new-season wheat from local farmers by 105 rupees or 6 per cent, Union Minister of Agriculture & Farmers Welfare said on Wednesday, as Prime Minister Narendra Modi tries to defuse discontent among farmers ahead of elections in 2019. The revised purchase price of 1,840 rupees ($25.09) per 100 kg for 2019 compares with 1,735 rupees a year ago, minister Radha Mohan Singh said. India, the world's second-biggest rice and wheat producer, buys the grain from local farmers at state-set prices to build stocks to run a major food welfare programme. Earlier, Reuters had reported that India was set to raise the support price of wheat by 6 per cent on Wednesday due to growing farmer discontent. The government also raised the support price of chickpea and rapeseed to 4,620 and 4,200 rupees respectively, per 100 kg, Singh added.

Government raises wheat buying price by 6% ahead of 2019 elections

Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million.

SBM said that no loss had been caused to customers and that the Indian business operations would continue as normal.

"The SBM Group remains well capitalised and has sufficient liquidity to continue to finance its future plans," the company said.

SBM said that an internal inquiry had been initiated, with the Indian operations carrying out a full cybersecurity review. Recovery efforts are being pursued and SBM expects to recover a significant portion of the stolen sum.

Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million.

Mauritius banking group SBM Holdings said on Wednesday that its Indian operations suffered a cyber fraud earlier in the week, and that the bank has potentially lost up to $14 million. SBM said that no loss had been caused to customers and that the Indian business operations would continue as normal. "The SBM Group remains well capitalised and has sufficient liquidity to continue to finance its future plans," the company said. SBM said that an internal inquiry had been initiated, with the Indian operations carrying out a full cybersecurity review. Recovery efforts are being pursued and SBM expects to recover a significant portion of the stolen sum.

Mauritius bank SBM says unit's India operations hit by cyber fraud

The rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit.

The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent at the interbank foreign exchange here.

In the day trade, the rupee crashed to its all-time low of 73.42 per dollar as crude oil prices breached the $85 per barrel mark, leading to huge outflows of cash.

Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices, analysts said.

After breaching the US 85 per barrel level, the benchmark Brent crude stayed near four-year high levels at $84.86 per barrel.

According to the provisional exchange data, foreign investors withdrew Rs 1,550 crore on a net basis from capital markets on Wednesday.

Rising US interest rates and bond yields have encouraged investors to pull out funds from emerging markets to pocket better returns, analysts said.

"The rupee has made a new record low today on the back of consistent rise in the crude oil prices. A sharp rise in crude oil along with steep depreciation in the rupee might push inflation higher in coming months," Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers.

The Reserve Bank refused to open a special window for oil marketing companies which affected market sentiments, VK Sharma, Head Private Client Group &amp; Capital Market Strategy at HDFC Securities.

Stocks also fell by more than 1.5 per cent due to the rupee falling to record low levels. The benchmark BSE Sensex plunged by 550 points or 1.51 per cent while the broader Nifty tanked 150 points or 1.38 per cent.

The rupee opened lower at 73.26 per dollar due to high crude oil prices against the last close of 72.91 per dollar. The currency pared some losses to touch a high of 72.90 per dollar on market speculation that RBI may open special dollar window for oil companies.

However, without any clear signals from the central bank, the rupee crashed to all-time lows before settling at 73.34.

Meanwhile, the FBIL set the reference rate for the dollar at 73.02 per dollar. The reference rate for euro was fixed at 84.57 against 84.37 previously and for the British pound at 94.98 against 94.88 on October 1.

The rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit.

The rupee Wednesday plunged by 43 paise to breach the historic low of 73 level as soaring crude oil prices fuelled worries over capital outflows and widening current account deficit. The domestic currency closed at a record low of 73.34, down by 43 paise or 0.59 per cent at the interbank foreign exchange here. In the day trade, the rupee crashed to its all-time low of 73.42 per dollar as crude oil prices breached the $85 per barrel mark, leading to huge outflows of cash. Investors remained concerned over sustained foreign capital outflows and soaring crude oil prices, analysts said. After breaching the US 85 per barrel level, the benchmark Brent crude stayed near four-year high levels at $84.86 per barrel. According to the provisional exchange data, foreign investors withdrew Rs 1,550 crore on a net basis from capital markets on Wednesday. Rising US interest rates and bond yields have encouraged investors to pull out funds from emerging markets to pocket better returns, analysts said. "The rupee has made a new record low today on the back of consistent rise in the crude oil prices. A sharp rise in crude oil along with steep depreciation in the rupee might push inflation higher in coming months," Rushabh Maru - Research Analyst, Anand Rathi Shares and Stock Brokers. The Reserve Bank refused to open a special window for oil marketing companies which affected market sentiments, VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities. Stocks also fell by more than 1.5 per cent due to the rupee falling to record low levels. The benchmark BSE Sensex plunged by 550 points or 1.51 per cent while the broader Nifty tanked 150 points or 1.38 per cent. The rupee opened lower at 73.26 per dollar due to high crude oil prices against the last close of 72.91 per dollar. The currency pared some losses to touch a high of 72.90 per dollar on market speculation that RBI may open special dollar window for oil companies. However, without any clear signals from the central bank, the rupee crashed to all-time lows before settling at 73.34. Meanwhile, the FBIL set the reference rate for the dollar at 73.02 per dollar. The reference rate for euro was fixed at 84.57 against 84.37 previously and for the British pound at 94.98 against 94.88 on October 1.

Rupee crashes below record 73 mark, ends lower by 43 amid oil price spike

Aston Martin share falls on trading debut

Indian markets on Wednesday closed in red with BSE Sensex plunging 550.51 points to end at 35,975.63. Nifty, on the other hand, tanked 150.05 points to close at 10,858.25.&nbsp;

Meanwhile, the Indian currency was at Rs 73.25 against the American dollar on Wednesday noon.&nbsp;

In opening trade on Wednesday, the <a href="http://www.wionews.com/business-economy/sensex-falls-over-200-points-nifty-slips-below-11000-169111">BSE Sensex fell over 200 points</a> and the NSE Nifty dropped below the 11,000-level in early trade after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices.

The BSE 30-share barometer fell 231.08 points, or 0.63 per cent, to 36,295.06 after hitting a low of 36,325.15. The gauge had gained 299 points Monday after the RBI announced measures to shore up liquidity.

The <a href="http://www.wionews.com/business-economy/rupee-hits-fresh-record-low-7324-against-us-dollar-169082">rupee dropped to a record low on Wednesday</a> as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall.

The domestic currency slid 34 paise to a new record low of 73.25 against the US dollar in early morning trade.&nbsp;

The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session.

By 2:34 pm, the rupee was trading at 73.24 per dollar.

(With inputs from agencies)&nbsp;

Indian markets on Wednesday closed in red with BSE Sensex plunging 550.51 points to end at 35,975.63. Nifty, on the other hand, tanked 150.05 points to close at 10,858.

Indian markets on Wednesday closed in red with BSE Sensex plunging 550.51 points to end at 35,975.63. Nifty, on the other hand, tanked 150.05 points to close at 10,858.25. Meanwhile, the Indian currency was at Rs 73.25 against the American dollar on Wednesday noon. In opening trade on Wednesday, the BSE Sensex fell over 200 points and the NSE Nifty dropped below the 11,000-level in early trade after the rupee dropped to a new low amid sustained foreign fund outflows and surging crude oil prices. The BSE 30-share barometer fell 231.08 points, or 0.63 per cent, to 36,295.06 after hitting a low of 36,325.15. The gauge had gained 299 points Monday after the RBI announced measures to shore up liquidity. The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall. The domestic currency slid 34 paise to a new record low of 73.25 against the US dollar in early morning trade. The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session. By 2:34 pm, the rupee was trading at 73.24 per dollar. (With inputs from agencies)

Markets close in red with Sensex plunging over 500 points

The six-member Monetary Policy Committee (MPC), headed by RBI governor Urjit Patel, began three-day deliberations Wednesday to decide on the key policy rates amid expectations that it would go for a 25 basis points hike to counter the impact of rising oil prices on inflation.

If the RBI raises the interest rate on Friday, it would be third in a row. It hiked key policy rate in this fiscal's second bi-monthly policy in June after a hiatus of four-and-a-half years. Subsequently, the RBI raised the repo rate or short-term lending rate by another 25 basis points in August policy meeting.

After two successive hikes, the repo rate currently stands at 6.50 per cent.

According to experts, rising crude oil prices, depreciating rupee and widening current account deficit are some of the factors the policy-making body would keep in mind while deciding on interest rates.

The rupee Wednesday weakened further to 73.25 against the US dollar while brent crude was trading near USD 85 per barrel.

"With petrol and diesel prices moving up, there is a strong expectation that inflation will also move up. So, they (RBI) may take a pre-emptive action. I feel there will be an increase of 25 basis points in the repo rate," Union Bank of India managing director and chief executive Rajkiran Rai G said.

Despite the rise in oil prices, the headline inflation number came down to 3.69 per cent for August as against 4.17 per cent for July.

The government has mandated the Reserve Bank to keep inflation within a band of 2-6 per cent.

Given the macroeconomic situation, the RBI is expected to raise the rate by 25 basis points in its upcoming policy review, another public sector bank head said.

Experts say the weaker trend in the rupee may also prompt the central bank to raise repo rate.

"Given where currency level is at this point of time, I think they will increase the interest rate by a quarter basis points," HDFC vice chairman and chief executive Keki Mistry said.

Tracking global developments, the rupee has become weak and is hovering around 73 against the dollar.

The SBI, in its research report Ecowrap, said the RBI should raise the policy repo rate by at least 25 basis points to arrest the rupee's fall.

"We rule out a hike of 50 basis points, as it may spook the market. However, there is a probability of change in neutral stance too, as three successive rate hikes with a neutral stance could contradict RBI message," the research report said.

The six-member Monetary Policy Committee (MPC), headed by RBI governor Urjit Patel, began three-day deliberations Wednesday to decide on the key policy rates amid expectations that it would go for a 25 basis points hike to counter the impact of rising oil prices on inflation.

The six-member Monetary Policy Committee (MPC), headed by RBI governor Urjit Patel, began three-day deliberations Wednesday to decide on the key policy rates amid expectations that it would go for a 25 basis points hike to counter the impact of rising oil prices on inflation. If the RBI raises the interest rate on Friday, it would be third in a row. It hiked key policy rate in this fiscal's second bi-monthly policy in June after a hiatus of four-and-a-half years. Subsequently, the RBI raised the repo rate or short-term lending rate by another 25 basis points in August policy meeting. After two successive hikes, the repo rate currently stands at 6.50 per cent. According to experts, rising crude oil prices, depreciating rupee and widening current account deficit are some of the factors the policy-making body would keep in mind while deciding on interest rates. The rupee Wednesday weakened further to 73.25 against the US dollar while brent crude was trading near USD 85 per barrel. "With petrol and diesel prices moving up, there is a strong expectation that inflation will also move up. So, they (RBI) may take a pre-emptive action. I feel there will be an increase of 25 basis points in the repo rate," Union Bank of India managing director and chief executive Rajkiran Rai G said. Despite the rise in oil prices, the headline inflation number came down to 3.69 per cent for August as against 4.17 per cent for July. The government has mandated the Reserve Bank to keep inflation within a band of 2-6 per cent. Given the macroeconomic situation, the RBI is expected to raise the rate by 25 basis points in its upcoming policy review, another public sector bank head said. Experts say the weaker trend in the rupee may also prompt the central bank to raise repo rate. "Given where currency level is at this point of time, I think they will increase the interest rate by a quarter basis points," HDFC vice chairman and chief executive Keki Mistry said. Tracking global developments, the rupee has become weak and is hovering around 73 against the dollar. The SBI, in its research report Ecowrap, said the RBI should raise the policy repo rate by at least 25 basis points to arrest the rupee's fall. "We rule out a hike of 50 basis points, as it may spook the market. However, there is a probability of change in neutral stance too, as three successive rate hikes with a neutral stance could contradict RBI message," the research report said.

RBI rate-setting panel begins three-day meet, may hike repo rate on Friday

India's move to take control of debt-laden Infrastructure Leasing and Financial Services (IL&amp;FS) will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters.

The federal government on Monday replaced the board of IL&amp;FS, a major infrastructure financing and construction firm, after its failure to honour debt obligations sent shockwaves through Indian financial markets.

The beleaguered company's debt pile had grown to more than 900 billion rupees ($12.33 billion) as it rode a lending boom among so-called non-bank financial companies (NBFCs), or the shadow banking sector, which manage an aggregate loan book of nearly $300 billion.

But IL&amp;FS had compromised on corporate governance and risk management norms, the government told the company law tribunal on Monday as it explained why it intended to take over the firm.

The new six-member IL&amp;FS board will prepare a revival plan, but it is becoming clear some of its lenders will need to suffer major losses, one finance ministry official said.

"It may be difficult to save it (IL&amp;FS) unless the lenders agree to take substantial haircuts," said the official, who declined to be identified due to the sensitivity of the matter.

The official added that there had been no discussions with the company's lenders, among them India's largest bank, the State Bank of India, and state-owned lenders, such as Bank of India and Punjab National Bank.

A second government source echoed those views, saying IL&amp;FS needed nearly 150 billion rupees ($2 billion) in financial support to avert a collapse and could only be saved if lenders agreed to take a big haircut.

The IL&amp;FS fallout has already roiled stock markets and the government has scrambled to contain the further damage that could undermine confidence in the financial sector.

A credit crunch in financial markets also does not bode well for Prime Minister Narendra Modi, who is already facing a growing backlash over rising fuel prices, a falling rupee currency and farmer protests over low crop prices months before he seeks a second term at an election due by next May.

The government has said IL&amp;FS was presenting a "rosy picture and camouflaging" its financial statements but still wants to ensure adequate liquidity for it to avoid further defaults.

One of the government sources, however, cautioned that more defaults cannot be ruled out, as IL&amp;FS needs to repay more than 250 billion rupees by March 2019.

India's parliamentary panel on finance on Wednesday decided to investigate the IL&amp;FS matter and its members will visit Mumbai this month to meet the new board, a source with direct knowledge of the deliberations said.

They will also talk to finance ministry officials, the source added.

Separately, India's Serious Fraud Investigation Office (SFIO) has launched an inquiry into alleged financial irregularities at IL&amp;FS, questioning its top management and searching its offices, the Economic Times newspaper said.

Reuters could not immediately reach SFIO officials to seek comment.

India's move to take control of debt-laden Infrastructure Leasing and Financial Services (IL&FS) will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters.

India's move to take control of debt-laden Infrastructure Leasing and Financial Services (IL&FS) will only succeed if lenders agree to take substantial losses, government sources familiar with the discussions told Reuters. The federal government on Monday replaced the board of IL&FS, a major infrastructure financing and construction firm, after its failure to honour debt obligations sent shockwaves through Indian financial markets. The beleaguered company's debt pile had grown to more than 900 billion rupees ($12.33 billion) as it rode a lending boom among so-called non-bank financial companies (NBFCs), or the shadow banking sector, which manage an aggregate loan book of nearly $300 billion. But IL&FS had compromised on corporate governance and risk management norms, the government told the company law tribunal on Monday as it explained why it intended to take over the firm. The new six-member IL&FS board will prepare a revival plan, but it is becoming clear some of its lenders will need to suffer major losses, one finance ministry official said. "It may be difficult to save it (IL&FS) unless the lenders agree to take substantial haircuts," said the official, who declined to be identified due to the sensitivity of the matter. The official added that there had been no discussions with the company's lenders, among them India's largest bank, the State Bank of India, and state-owned lenders, such as Bank of India and Punjab National Bank. A second government source echoed those views, saying IL&FS needed nearly 150 billion rupees ($2 billion) in financial support to avert a collapse and could only be saved if lenders agreed to take a big haircut. The IL&FS fallout has already roiled stock markets and the government has scrambled to contain the further damage that could undermine confidence in the financial sector. A credit crunch in financial markets also does not bode well for Prime Minister Narendra Modi, who is already facing a growing backlash over rising fuel prices, a falling rupee currency and farmer protests over low crop prices months before he seeks a second term at an election due by next May. The government has said IL&FS was presenting a "rosy picture and camouflaging" its financial statements but still wants to ensure adequate liquidity for it to avoid further defaults. One of the government sources, however, cautioned that more defaults cannot be ruled out, as IL&FS needs to repay more than 250 billion rupees by March 2019. India's parliamentary panel on finance on Wednesday decided to investigate the IL&FS matter and its members will visit Mumbai this month to meet the new board, a source with direct knowledge of the deliberations said. They will also talk to finance ministry officials, the source added. Separately, India's Serious Fraud Investigation Office (SFIO) has launched an inquiry into alleged financial irregularities at IL&FS, questioning its top management and searching its offices, the Economic Times newspaper said. Reuters could not immediately reach SFIO officials to seek comment.

India's rescue of debt-ridden IL&FS may spell major losses for lenders: Sources

The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall.

The domestic currency slid 34 paise to a new record low of 73.25 against the US dollar in early morning trade.&nbsp;

The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session.

By 2:34 pm, the rupee was trading at 73.24 per dollar.

According to forex dealers, demand for the US currency from importers, along with a strong dollar overseas and rising crude oil prices, weighed heavily on the domestic currency.&nbsp;

The rupee has hit a series of record lows against the dollar in the past two months, weakening to about 73 rupees against the greenback.&nbsp;

That marked a decline of more than 14 per cent since the start of this year, earning it the status of the worst-performing in the region — alongside the Indonesian rupiah and Philippine peso.

The benchmark 10-year bond yield was up 6 basis points at 8.05 per cent.

Oil prices firmed on expectations of a tighter market once US&nbsp;sanctions start targeting Iran's petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Prices, however, remain at highest levels since November 2014.&nbsp;

Experts say that broader global concerns, which rose to the forefront in the emerging currencies sell-off following economic troubles in Turkey and Argentina, have also weighed on investor sentiment.

(With inputs from agencies)

The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall.

The rupee dropped to a record low on Wednesday as a sharp rise in global crude oil prices heaped more pressure on the currency, prompting the central bank to quickly intervene to slow its fall. The domestic currency slid 34 paise to a new record low of 73.25 against the US dollar in early morning trade. The partially convertible rupee briefly traded stronger on the day at 72.90 per dollar against its previous close of 72.91 after the news report. It had touched a life low of 73.42 earlier in the session. By 2:34 pm, the rupee was trading at 73.24 per dollar. According to forex dealers, demand for the US currency from importers, along with a strong dollar overseas and rising crude oil prices, weighed heavily on the domestic currency. The rupee has hit a series of record lows against the dollar in the past two months, weakening to about 73 rupees against the greenback. That marked a decline of more than 14 per cent since the start of this year, earning it the status of the worst-performing in the region — alongside the Indonesian rupiah and Philippine peso. The benchmark 10-year bond yield was up 6 basis points at 8.05 per cent. Oil prices firmed on expectations of a tighter market once US sanctions start targeting Iran's petroleum industry from next month, although a strong dollar and rising US crude supply curbed gains. Prices, however, remain at highest levels since November 2014. Experts say that broader global concerns, which rose to the forefront in the emerging currencies sell-off following economic troubles in Turkey and Argentina, have also weighed on investor sentiment. (With inputs from agencies)

Rupee hits new low, breaches 73 against dollar for first time

After delaying salary to its pilots and engineers along with senior management, Jet Airways has now defaulted on the payment of September salary to other categories of employees as well, an airline source said Wednesday.&nbsp;

The Mumbai-based full-service airline, partially owned by UAE national carrier Etihad Airways, has been facing financial problems for quite some now.

The Naresh Goyal-controlled airline is struggling to mop up funds to meet its payment obligations, including salaries to it's over 16,000-strong workforce.

“We generally get our salary on the 1st of (every) month. Last month, the airline had paid to all employees except for senior management, pilots and engineers on time.

“But this time (September), they have failed to pay even to other categories of employees such as manager and above levels,” the source said.

The source said the employees in A1-A5, O1 and O2 grade, or whose salaries are up to Rs 75,000 per month, were paid on October 1, while the rest of the staffers in the M1, M2, E1 and above grades have not been paid yet.

A query sent to Jet Airways on the issue did not elicit a written response.

On September 6, the full-service airline informed senior employees that their salaries would be paid in two instalments till November.

The salaries for August was to be paid in two instalments 50 per cent by September 11 and the remaining by September 26.

Though the private carrier paid the first tranche on time, it could disburse only 50 per cent amount of the second instalment on the designated date and deferred the payment of rest 50 per cent to October 9.

After delaying salary to its pilots and engineers along with senior management, Jet Airways has now defaulted on the payment of September salary to other categories of employees as well, an airline source said Wednesday.

After delaying salary to its pilots and engineers along with senior management, Jet Airways has now defaulted on the payment of September salary to other categories of employees as well, an airline source said Wednesday. The Mumbai-based full-service airline, partially owned by UAE national carrier Etihad Airways, has been facing financial problems for quite some now. The Naresh Goyal-controlled airline is struggling to mop up funds to meet its payment obligations, including salaries to it's over 16,000-strong workforce. “We generally get our salary on the 1st of (every) month. Last month, the airline had paid to all employees except for senior management, pilots and engineers on time. “But this time (September), they have failed to pay even to other categories of employees such as manager and above levels,” the source said. The source said the employees in A1-A5, O1 and O2 grade, or whose salaries are up to Rs 75,000 per month, were paid on October 1, while the rest of the staffers in the M1, M2, E1 and above grades have not been paid yet. A query sent to Jet Airways on the issue did not elicit a written response. On September 6, the full-service airline informed senior employees that their salaries would be paid in two instalments till November. The salaries for August was to be paid in two instalments 50 per cent by September 11 and the remaining by September 26. Though the private carrier paid the first tranche on time, it could disburse only 50 per cent amount of the second instalment on the designated date and deferred the payment of rest 50 per cent to October 9.

More Jet Airways employees hit by salary default

Facebook Inc’s Instagram on Monday announced that long-term insider Adam Mosseri will take over as the new head of the photo-sharing app, a week after its co-founders resigned.&nbsp;

Mosseri, who joined Facebook in 2008, was most recently Instagram’s vice president of product. He had previously overseen Facebook’s news feed and spent a decade working closely with Facebook’s Chief Executive Officer Mark Zuckerberg.&nbsp;

In a blog post, the company’s said Mosseri will oversee all functions of the business and will recruit a new executive team.&nbsp;

Co-founders Kevin Systrom and Mike Krieger resigned as a chief executive officer and chief technical officer of Instagram last week giving a scant explanation for the move.

Their departure from Instagram, Facebook’s fastest-growing revenue generator, followed the exit of Jan Koum, co-founder of Facebook-owned messaging app WhatsApp.&nbsp;

Last week, Systrom and Krieger said they planned to take time off and explore their “curiosity and creativity again”.

Shares of Facebook were down 1.3 per cent at $162.35.

Facebook Inc’s Instagram on Monday announced that long-term insider Adam Mosseri will take over as the new head of the photo-sharing app, a week after its co-founders resigned.

Facebook Inc’s Instagram on Monday announced that long-term insider Adam Mosseri will take over as the new head of the photo-sharing app, a week after its co-founders resigned. Mosseri, who joined Facebook in 2008, was most recently Instagram’s vice president of product. He had previously overseen Facebook’s news feed and spent a decade working closely with Facebook’s Chief Executive Officer Mark Zuckerberg. In a blog post, the company’s said Mosseri will oversee all functions of the business and will recruit a new executive team. Co-founders Kevin Systrom and Mike Krieger resigned as a chief executive officer and chief technical officer of Instagram last week giving a scant explanation for the move. Their departure from Instagram, Facebook’s fastest-growing revenue generator, followed the exit of Jan Koum, co-founder of Facebook-owned messaging app WhatsApp. Last week, Systrom and Krieger said they planned to take time off and explore their “curiosity and creativity again”. Shares of Facebook were down 1.3 per cent at $162.35.

Facebook names Zuckerberg loyalist Adam Mosseri as new head of Instagram

Fuel prices continued to rise on Tuesday as well with petrol is retailing at Rs 91.20 per litre in Mumbai, implying a hike of 12 paise from Rs 91.08 on Monday.&nbsp;

Petrol &amp; Diesel prices in Delhi are Rs 83.85 per litre (increase by Rs 0.12) &amp; Rs 75.25 per litre (increase by Rs 0.16), respectively.&nbsp;

Petrol &amp; Diesel prices in Mumbai are Rs 91.20 per litre (increase by Rs 0.12) &amp; Rs 79.89 per litre (increase by Rs 0.17), respectively.

The price of petrol had already crossed the Rs 90-mark in more than 20 of Maharashtra's 36 districts.

Fuel prices have been on a rise since mid-August, touching fresh highs almost on a daily basis. Despite consumer protests, Petroleum Minister Dharmendra Pradhan ruled out reducing taxes on these items. Blaming global factors, he said a tax cut, if approved, won't have any lasting impact due to volatile crude prices.

The Centre currently levies an excise duty of Rs 19.48/litre on petrol and Rs 15.33 per litre on diesel. Various states levy Value Added Tax (VAT) on petrol and diesel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. 
 
(With inputs from agencies)

Fuel prices continued to rise on Tuesday as well with petrol is retailing at Rs 91.20 per litre in Mumbai, implying a hike of 12 paise from Rs 91.08 on Monday. Petrol & Diesel prices in Delhi are Rs 83.

Fuel prices continued to rise on Tuesday as well with petrol is retailing at Rs 91.20 per litre in Mumbai, implying a hike of 12 paise from Rs 91.08 on Monday. Petrol & Diesel prices in Delhi are Rs 83.85 per litre (increase by Rs 0.12) & Rs 75.25 per litre (increase by Rs 0.16), respectively. Petrol & Diesel prices in Mumbai are Rs 91.20 per litre (increase by Rs 0.12) & Rs 79.89 per litre (increase by Rs 0.17), respectively. The price of petrol had already crossed the Rs 90-mark in more than 20 of Maharashtra's 36 districts. Fuel prices have been on a rise since mid-August, touching fresh highs almost on a daily basis. Despite consumer protests, Petroleum Minister Dharmendra Pradhan ruled out reducing taxes on these items. Blaming global factors, he said a tax cut, if approved, won't have any lasting impact due to volatile crude prices. The Centre currently levies an excise duty of Rs 19.48/litre on petrol and Rs 15.33 per litre on diesel. Various states levy Value Added Tax (VAT) on petrol and diesel. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. (With inputs from agencies)

Fuel prices continue to rise: Petrol rate reaches Rs 91.20/litre in Mumbai

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity.

The domestic unit rupee had gained 11 paise to close at a one-week high of 72.48 against the US dollar On Friday.

In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee.

The rupee was trading at 72.84 against the dollar in the morning as investors are waiting for the RBI policy decision later this week. It opened at 72.61.

In a release Monday, the RBI said it has decided to purchase government bonds worth Rs 36,000 crore through Open Market Operations (OMO) this month.&nbsp;

This is based on an assessment of the durable liquidity needs going forward and the seasonal growth in currency in circulation observed in build-up to the festive season, it added.

The central bank will be conducting OMO for an "aggregate amount of Rs 360 billion in the month of October," the release said.

The auctions would be conducted during the second, third and fourth week of October.

"The OMO amount stated above is indicative and RBI retains the flexibility to change it, depending on the evolving liquidity and market conditions," the central bank said.

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity.

The rupee weakened by 36 paise to 72.84 against the US dollar Monday even as the RBI announced plans to purchase government bonds worth Rs 36,000 crore to boost liquidity. The domestic unit rupee had gained 11 paise to close at a one-week high of 72.48 against the US dollar On Friday. In recent weeks, the rupee has taken a beating amid volatility in global markets and strengthening of the greenback. The central bank has been taking various measures to shore up the rupee. The rupee was trading at 72.84 against the dollar in the morning as investors are waiting for the RBI policy decision later this week. It opened at 72.61. In a release Monday, the RBI said it has decided to purchase government bonds worth Rs 36,000 crore through Open Market Operations (OMO) this month. This is based on an assessment of the durable liquidity needs going forward and the seasonal growth in currency in circulation observed in build-up to the festive season, it added. The central bank will be conducting OMO for an "aggregate amount of Rs 360 billion in the month of October," the release said. The auctions would be conducted during the second, third and fourth week of October. "The OMO amount stated above is indicative and RBI retains the flexibility to change it, depending on the evolving liquidity and market conditions," the central bank said.

Rupee slips 36 paise against US dollar

Finance Minister Arun Jaitley Monday defended loan write-offs by public sector banks, saying they do not lead to loan waivers and the exercise helps lenders clean up their balance sheets and achieve taxation efficiency.

He said public sector banks have recovered Rs 36,551 crore of bad loans or NPAs during April-June quarter of the current financial year as compared to Rs 74,562 crore recoveries made in the full 2017-18 fiscal.

Commenting on reports that the country's 21 state-owned banks wrote-off Rs 3.16 lakh crore of loans in four years of the BJP government and made recoveries of Rs 44,900 crore of written off loans, Jaitley in a Facebook blog said "technical write-offs" are resorted to by banks as per the Reserve Bank of India (RBI) guidelines.

"This, however, does not lead to any loan waiver. Recovery of loans continues rigorously by banks," he said. "In fact, the defaulting management of most insolvent companies have been removed under the Insolvency and Bankruptcy Code (IBC)."

Congress President Rahul Gandhi used the report to attack the government, saying demonetisation converted black money into white and Rs 3.16 lakh crore of loans were written off.

"Modi's India - For Common Man: Notebandi-line up and put your money in banks. All your details into Aadhar. You can't use your own money. For Crony capitalists: Notebandi-convert all your black money to white. Let's write off 3.16 lakh crore using common man's money," Gandhi said in a tweet.

Finance Minister Arun Jaitley Monday defended loan write-offs by public sector banks, saying they do not lead to loan waivers and the exercise helps lenders clean up their balance sheets and achieve taxation efficiency.

Finance Minister Arun Jaitley Monday defended loan write-offs by public sector banks, saying they do not lead to loan waivers and the exercise helps lenders clean up their balance sheets and achieve taxation efficiency. He said public sector banks have recovered Rs 36,551 crore of bad loans or NPAs during April-June quarter of the current financial year as compared to Rs 74,562 crore recoveries made in the full 2017-18 fiscal. Commenting on reports that the country's 21 state-owned banks wrote-off Rs 3.16 lakh crore of loans in four years of the BJP government and made recoveries of Rs 44,900 crore of written off loans, Jaitley in a Facebook blog said "technical write-offs" are resorted to by banks as per the Reserve Bank of India (RBI) guidelines. "This, however, does not lead to any loan waiver. Recovery of loans continues rigorously by banks," he said. "In fact, the defaulting management of most insolvent companies have been removed under the Insolvency and Bankruptcy Code (IBC)." Congress President Rahul Gandhi used the report to attack the government, saying demonetisation converted black money into white and Rs 3.16 lakh crore of loans were written off. "Modi's India - For Common Man: Notebandi-line up and put your money in banks. All your details into Aadhar. You can't use your own money. For Crony capitalists: Notebandi-convert all your black money to white. Let's write off 3.16 lakh crore using common man's money," Gandhi said in a tweet.

Arun Jaitley defends loan write-offs; says they don't lead to waiver

Indian markets on Monday opened in red with the BSE Sensex ruling&nbsp;59.79 points lower at 36,167 at 9:26 am.

The benchmark 30-share BSE Sensex recovered after falling marginally in early trade Monday amid mixed global trends.

The NSE barometer Nifty50 was trading at 10,882.

The Reserve Bank of India's policy meeting, macroeconomic data announcements and trends in crude oil prices are expected to be the key factors for market movements this week.

Last week, the 30-share BSE index slipped at 97.03 points in see-saw trade to close at 36,227.14, while the NSE Nifty dropped 47.10 points to 10,930.45.

The Sensex lost a whopping 2,417.93 points, or 6.26 per cent, in September -- its worst monthly show since February 2016.

(With inputs from PTI)

&nbsp;

 
 
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&nbsp;

Indian markets on Monday opened in red with the BSE Sensex ruling 59.79 points lower at 36,167 at 9:26 am. The benchmark 30-share BSE Sensex recovered after falling marginally in early trade Monday amid mixed global trends.

Indian markets on Monday opened in red with the BSE Sensex ruling 59.79 points lower at 36,167 at 9:26 am. The benchmark 30-share BSE Sensex recovered after falling marginally in early trade Monday amid mixed global trends. The NSE barometer Nifty50 was trading at 10,882. The Reserve Bank of India's policy meeting, macroeconomic data announcements and trends in crude oil prices are expected to be the key factors for market movements this week. Last week, the 30-share BSE index slipped at 97.03 points in see-saw trade to close at 36,227.14, while the NSE Nifty dropped 47.10 points to 10,930.45. The Sensex lost a whopping 2,417.93 points, or 6.26 per cent, in September -- its worst monthly show since February 2016. (With inputs from PTI)

Markets open in Red, Sensex tumbles nearly 60 points

Economist Gita Gopinath was appointed as International Monetary Fund's chief economist on Monday, the IMF said in a statement.&nbsp;

Gopinath will assume office at the end of 2018 after her predecessor Maurice (Maury) Obstfeld retires, news agency PTI reported.

Born on December 8, 1971, in Kolkata, 46-year-old Gopinath went to the University of Delhi for her Bachelors and Masters degree in economics after which she went on to earn her PhD in economics from Princeton University in 2001. She also has a Masters degree in economics from the University of Washington. &nbsp;

"Her research focuses on International Finance and Macroeconomics. She is co-director of the International Finance and Macroeconomics program at the National Bureau of Economic Research, a visiting scholar at the Federal Reserve Bank of Boston, member of the economic advisory panel of the Federal Reserve Bank of New York, Economic Adviser to the Chief Minister of Kerala state (India), co-editor of the American Economic Review, co-editor of the current Handbook of International Economics and was managing editor of the Review of Economic Studies," her profile reads on Harvard University's official website.

Gopinath also served as a member of the Eminent Persons Advisory Group on G-20 Matters for India's Ministry of Finance. In 2018 she was elected a fellow of the American Academy of Arts and Sciences. In 2014, she was named one of the top 25 economists under 45 by the IMF and she was chosen as a Young Global Leader by the World Economic Forum in 2011.&nbsp;

She also served as the Economic Adviser to Chief Minister of Kerala State, India.

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IMF Managing Director Christine <a href="https://twitter.com/Lagarde?ref_src=twsrc%5Etfw">@Lagarde</a> appoints Harvard’s Gita Gopinath as IMF Chief Economist, replacing Maury Obstfeld who will retire from IMF in December. <a href="https://t.co/M6UV5qH714">https://t.co/M6UV5qH714</a> <a href="https://t.co/k16ztkYIwi">pic.twitter.com/k16ztkYIwi</a>
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At present, Gopinath serves as the John Zwaanstra Professor of International Studies and Economics at Harvard University.

"Gopinath is one of the world's outstanding economists, with impeccable academic credentials, a proven track record of intellectual leadership, and extensive international experience," IMF Managing Director Christine Lagarde said.

Economist Gita Gopinath was appointed as International Monetary Fund's chief economist on Monday, the IMF said in a statement. Gopinath will assume office at the end of 2018 after her predecessor Maurice (Maury) Obstfeld retires, news agency PTI reported.

Economist Gita Gopinath was appointed as International Monetary Fund's chief economist on Monday, the IMF said in a statement. Gopinath will assume office at the end of 2018 after her predecessor Maurice (Maury) Obstfeld retires, news agency PTI reported. Born on December 8, 1971, in Kolkata, 46-year-old Gopinath went to the University of Delhi for her Bachelors and Masters degree in economics after which she went on to earn her PhD in economics from Princeton University in 2001. She also has a Masters degree in economics from the University of Washington. "Her research focuses on International Finance and Macroeconomics. She is co-director of the International Finance and Macroeconomics program at the National Bureau of Economic Research, a visiting scholar at the Federal Reserve Bank of Boston, member of the economic advisory panel of the Federal Reserve Bank of New York, Economic Adviser to the Chief Minister of Kerala state (India), co-editor of the American Economic Review, co-editor of the current Handbook of International Economics and was managing editor of the Review of Economic Studies," her profile reads on Harvard University's official website. Gopinath also served as a member of the Eminent Persons Advisory Group on G-20 Matters for India's Ministry of Finance. In 2018 she was elected a fellow of the American Academy of Arts and Sciences. In 2014, she was named one of the top 25 economists under 45 by the IMF and she was chosen as a Young Global Leader by the World Economic Forum in 2011. She also served as the Economic Adviser to Chief Minister of Kerala State, India. IMF Managing Director Christine @Lagarde appoints Harvard’s Gita Gopinath as IMF Chief Economist, replacing Maury Obstfeld who will retire from IMF in December. https://t.co/M6UV5qH714 pic.twitter.com/k16ztkYIwi — IMF (@IMFNews) October 1, 2018 × At present, Gopinath serves as the John Zwaanstra Professor of International Studies and Economics at Harvard University. "Gopinath is one of the world's outstanding economists, with impeccable academic credentials, a proven track record of intellectual leadership, and extensive international experience," IMF Managing Director Christine Lagarde said.

India-born Gita Gopinath appointed IMF chief economist

Two persons were killed and six others injured when a bus fell into a 50-metre deep gorge in Himachal Pradesh’s Shimla district, police said Monday.

The accident occurred in Mancholi area when the Himachal Road Transport Corporation (HRTC) bus was on its way to Khadar village from Chaupal on Sunday, they said.

The bus fell into the gorge as the retaining wall constructed besides the road collapsed.

The deceased have been identified as Priyanka (28) and Vidya Dutt (52) of Khaddar village, they said, adding that Priyanka’s husband Sudesh (38) and their two daughters Sanvi (3) and Yuaana (2) are among those who sustained injuries.

All the six injured have been referred to Indira Gandhi Medical College and Hospital (IGMC) at Shimla.

Two persons were killed and six others injured when a bus fell into a 50-metre deep gorge in Himachal Pradesh’s Shimla district, police said Monday. The accident occurred in Mancholi area when the Himachal Road Transport Corporation (HRTC) bus was on its way to Khadar village from Chaupal on Sunday, they said.

Two persons were killed and six others injured when a bus fell into a 50-metre deep gorge in Himachal Pradesh’s Shimla district, police said Monday. The accident occurred in Mancholi area when the Himachal Road Transport Corporation (HRTC) bus was on its way to Khadar village from Chaupal on Sunday, they said. The bus fell into the gorge as the retaining wall constructed besides the road collapsed. The deceased have been identified as Priyanka (28) and Vidya Dutt (52) of Khaddar village, they said, adding that Priyanka’s husband Sudesh (38) and their two daughters Sanvi (3) and Yuaana (2) are among those who sustained injuries. All the six injured have been referred to Indira Gandhi Medical College and Hospital (IGMC) at Shimla.

Himachal Pradesh: Two killed as bus falls into gorge in Shimla