Veljan Group CMD stabbed to death by grandson over property dispute in Hyderabad
Hyderabad, Feb 09 (PTI): An 86-year-old industrialist was allegedly murdered at his residence by his grandson over a property dispute. The victim sustained multiple stab wounds, police said on Sunday.
The incident occurred on the night of February 6 when the accused, K Kirti Teja (aged around 28), 'attacked' his grandfather, V C Janardhan Rao, chairman & managing director of the city-based Veljan Group, with a knife, resulting in his immediate death, they said.
The accused also stabbed his mother when she tried to intervene. She sustained injuries and was admitted to a hospital, Panjagutta police said, adding that he was subsequently arrested on Saturday.
Teja and his mother, who live in another part of the city, visited Rao's house in Somajiguda on Thursday. While she went to get coffee, an argument broke out between Teja and Rao over the distribution of his property, police said.
Teja took out a knife and 'attacked' his grandfather, accusing him of being indifferent toward him since childhood and "refusing" to distribute the property to him, police said, citing preliminary investigations.
When asked about reports that the victim was allegedly stabbed more than 70 times, police stated that there were multiple stab wounds and that the exact number would be confirmed based on the post-mortem examination (PME) report.
The accused had recently returned to Hyderabad from the US after completing his master's degree, police said.
Based on a complaint, a case of murder was registered against the accused, and he was arrested, police added. Further investigation is ongoing.
Established in 1965, Veljan has expertise in providing complete solutions for various applications, including shipbuilding, energy, mobile, and industrial segments, according to the company's website.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
