Investors become poorer by Rs 5 lakh crore in two days of market crash
Mumbai : 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 US $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 (US $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 US $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 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 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% followed by Hero MotoCorp 5.45% and TCS 4.54%.
In the broader market, the S&P BSE midcap index fell by 1.93% and smallcap index 2.07%.
“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.
courtesy : hindustantimes.com
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CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
