Fauja Singh Sarari resigns as Punjab Cabinet Minister
Chandigarh (PTI): Punjab Minister Fauja Singh Sarari resigned from the Cabinet on Saturday, months after he was embroiled in a controversy over an audio clip in which he allegedly discussed ways to "trap" some contractors in order to "extort" money.
Sarari has resigned from the cabinet of Chief Minister Bhagwant Mann, confirmed a senior leader of the ruling Aam Admi Party (AAP).
AAP's Punjab unit spokesperson Malvinder Singh Kang said Sarari has resigned from the cabinet, citing "personal reasons".
Sources said Patiala Rural MLA Dr Balbir Singh was likely to replace Sarari, who held portfolios including horticulture and food processing.
A purported audio clip of an alleged conversation between Sarari and his former close aide, discussing ways to "trap" some contractors involved in food grain transportation through some officials to "extort money" from them, had surfaced in September.
Sarari (61), a retired policeman, was elected to the Punjab Assembly from Guru Har Sahai in Ferozepur. He had defeated SAD candidate Vardev Singh by 10,574 votes.
Earlier in May, barely two months after the AAP had stormed to power winning 92 of the 117 assembly seats in Punjab, Health Minister Vijay Singla had been sacked from the state cabinet over alleged graft charges. Opposition parties in the state had been demanding Sarari's sacking and arrest. He, however, had rubbished allegations against him.
The Congress and the BJP had questioned why the AAP government had not taken action against him after the audio clip surfaced about four months ago.
After the arrest of former Punjab minister Sunder Sham Arora last year by the Punjab Vigilance Bureau for allegedly offering a bribe of Rs 50 lakh to one of its officers to help him settle cases against him, the opposition had accused the AAP government of adopting double standards over the issue of corruption and asked why Sarari was not being arrested in the audio clip issue.
Arora was a minister in the Congress government and had joined the BJP in June last year.
In July 2022, the Bhagwant Mann government had carried out its first cabinet expansion inducting five party legislators, including Sarari. After that, the strength of the state cabinet had reached 15, including the chief minister.
There are 18 berths in the cabinet, including the chief minister.
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Investors' wealth down Rs 4.92 lakh cr as mkts slump
New Delhi, Dec 17: Investors' wealth tumbled Rs 4.92 lakh crore on Tuesday amid a sharp sell-off in the equity market where the Sensex tanked 1,064 points.
Falling for the second day in a row, the 30-share BSE benchmark Sensex tanked 1,064.12 points or 1.30 per cent to settle at 80,684.45. During the day, it slumped 1,136.37 points or 1.39 per cent to 80,612.20.
The market capitalisation of BSE-listed firms eroded by Rs 4,92,644.06 crore to Rs 4,55,13,913.24 crore (USD 5.36 trillion).
"The Indian stock markets witnessed a sharp decline on Tuesday, with the benchmark BSE Sensex sinking 1,064 points or 1.30 per cent to 80,684.45.
"Investor sentiment remained cautious ahead of the US Federal Reserve's monetary policy meeting, scheduled for Wednesday. While markets have priced in a 25 basis points rate cut, much of the focus is on Fed Chair Jerome Powell's commentary regarding future rate moves," Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, said.
From the 30-share blue-chip pack, all firms ended in the red. Bharti Airtel, IndusInd Bank, JSW Steel, Tata Consultancy Services, Asian Paints, Larsen & Toubro, Reliance Industries and HDFC Bank were the biggest laggards from the Sensex pack.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were mostly trading in negative territory. Wall Street ended mostly higher on Monday.
"Widespread pessimism prevails across all sectors ahead of key policy decisions from the US Fed, BoJ (Bank of Japan), and BoE (Bank of England). While the market has already factored in a 25 bps cut from the US Fed, it remains vigilant for any hawkish signals. The BoJ and BoE are largely expected to maintain their current rates for the year.
"Concurrently, the rupee has depreciated to an all-time low, and a record-high trade deficit is exacerbating the pressure," Vinod Nair, Head of Research at Geojit Financial Services, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 278.70 crore on Monday, according to exchange data.
The BSE midcap gauge declined by 0.65 per cent and smallcap index slipped by 0.52 per cent.
All sectoral indices ended lower. BSE Telecommunication tanked 2.18 per cent, metal (1.77 per cent), auto (1.70 per cent), energy (1.64 per cent), oil & gas (1.59 per cent), commodities (1.39 per cent) and financial services (1.37 per cent) were the major laggards.
As many as 2,442 stocks declined, while 1,576 advanced and 89 remained unchanged on the BSE.
"Nifty witnessed sharp correction, closing with a loss of 332 points amid selling pressure in bluechip stocks like HDFC Bank, Reliance and Bharti Airtel amongst others.
"The decline came amid weak FII volumes and heightened caution ahead of the US Federal Reserve's monetary policy meeting, which is expected to provide cues on the trajectory of interest rate cuts going ahead," Siddhartha Khemka, Head - Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.
