Author: Varta24 Business

The Indian stock market faced a significant downturn on Monday, May 11, as both the Sensex and Nifty 50 dropped by more than 1%. The Sensex tumbled nearly 1,200 points to a low of 76,166, while the Nifty 50 slid to 23,845. This sharp decline wiped out over ₹5 lakh crore in investor wealth in a single session. Several global and domestic factors contributed to this sudden selloff: Geopolitical Tensions and Oil Prices Hopes for peace talks between the US and Iran faded after the US rejected a peace offer from Tehran. This uncertainty has kept Brent crude oil prices…

BEIJING – DeepSeek, the prominent Chinese AI pioneer, has successfully restored its chatbot services following a major overnight outage that lasted more than seven hours. The disruption forced the startup to deploy a series of emergency updates to stabilize its systems. The issues began late Sunday evening, with users reporting widespread faults and connectivity problems. DeepSeek’s official status page first acknowledged a performance issue at 9:35 p.m., which it initially marked as resolved two hours later. Ongoing Performance Struggles However, the fix proved temporary. Further performance issues emerged early Monday morning, requiring additional technical intervention. The company worked through the…

MUMBAI – While the broader Indian stock market faced a sharp sell-off on Monday, sugar companies emerged as a rare bright spot. Shares of major producers, including Dalmia Bharat Sugar, Dwarikesh Sugar, and Shree Renuka Sugars, jumped between 2% and 12%, significantly outperforming the rest of the market. The rally is being driven by a combination of rising global energy costs and a shift in how sugar companies generate profit. The Ethanol Connection The primary driver behind the surge is the spike in crude oil prices. Brent crude rose to $116.5 per barrel following an escalation in the Middle East…

NEW DELHI – A major legal battle has erupted over the future of the insolvent Jaypee Group, as the Vedanta Group moved the Supreme Court to halt the acquisition of its assets by the Adani Group. The move comes just a week after the National Company Law Tribunal (NCLT) approved a ₹14,535 crore bid by Adani Enterprises. Vedanta, led by billionaire Anil Agarwal, is contesting the decision after claiming it was originally informed in writing that it had won the bidding process. A “Reversed” Decision In a recent social media statement, Anil Agarwal expressed frustration over the process, stating that…

NEW DELHI – Finance and Corporate Affairs Minister Nirmala Sitharaman informed the Lok Sabha on Monday that the Insolvency and Bankruptcy Code (IBC) has become the “crucial factor” in restoring the health of India’s banking sector. Speaking during the discussion on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, the Minister highlighted that the law has successfully helped banks recover more than half of their non-performing assets (NPAs). Improving Corporate Health Sitharaman emphasized that the IBC does more than just recover money; it revitalizes struggling businesses. She noted that companies emerging from the insolvency process are showing improved performance and…

MUMBAI – The Indian rupee saw a sharp recovery on Monday morning after the Reserve Bank of India (RBI) launched one of its most aggressive regulatory strikes in over a decade to stop the currency’s downward spiral. The rupee opened at 93.56 against the U.S. dollar, jumping 125 paise from Friday’s record low of 94.81. The surge follows a surprise directive from the central bank capping the amount of currency banks can hold for trading at $100 million per day. Forcing a “Dollar Sell-Off” By setting this strict limit, the RBI is effectively forcing banks to sell off their large…

MUMBAI – The Reserve Bank of India (RBI) has launched its most aggressive effort in over a decade to protect the rupee, though early signs suggest the currency remains under heavy pressure. On Friday, the central bank announced a strict $100 million daily limit on the currency positions lenders can hold, a move designed to curb speculation and stabilize the market. While the rupee initially jumped 1.4% when markets opened on Monday, those gains quickly evaporated. By mid-morning, the currency was up only 0.3%, as high demand for U.S. dollars from oil importers offset the central bank’s intervention. Banks Face…

BENGALURU – Two major tankers carrying 94,000 metric tons of liquefied petroleum gas (LPG) have successfully navigated the Strait of Hormuz and are currently en route to Indian ports, the government announced on Sunday. the vessels, named BW Tyr and BW Elm, are transporting critical supplies of cooking gas. The BW Tyr is scheduled to docked in Mumbai on March 31, while the BW Elm is expected to arrive at New Mangalore on April 1. Navigating a Global Chokepoint The successful transit comes at a time of extreme tension, as the ongoing conflict involving the U.S., Israel, and Iran has…

NEW DELHI – Indian stock markets suffered a sharp decline on Monday, marking the end of a turbulent month that mirrored the financial distress seen at the start of the COVID-19 pandemic. The downturn comes as escalating conflict in the Middle East pushes oil prices higher and new domestic banking regulations rattle investors. The Nifty 50 and the BSE Sensex both dropped significantly in morning trade, tracking a broader sell-off across Asian markets. Small-cap and mid-cap stocks were hit even harder, falling 2% as the financial year 2026 drew to a close. Global Tensions and Rising Oil Prices The intensifying…

MUMBAI – HDFC Bank, India’s largest private lender, is facing intense scrutiny following the sudden resignation of its chairman, Atanu Chakraborty. The exit triggered a massive stock market rout, wiping out $16 billion in market value and raising serious questions about the bank’s internal management. Chakraborty stepped down earlier this month, citing “differences over values and ethics.” While he did not provide specific details, reports suggest the resignation stems from long-standing friction between him and the bank’s CEO, Sashidhar Jagdishan. Boardroom Clashes Sources familiar with the matter indicate that the two leaders frequently disagreed over bank strategy and human resources…