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Supreme Court junks Lalit Modi’s plea seeking BCCI to pay ED penalty

New Delhi, Jun 30 (PTI) The Supreme Court on Monday junked a plea filed by former cricket administrator Lalit Modi seeking an order to the BCCI to pay a penalty of Rs 10.65 crore imposed on him by the ED for violating the Foreign Exchange Management Act (FEMA). A bench of Justices P S Narasimha and R Mahadevan, however, said Modi will be entitled to avail civil remedies as available according to law. The Bombay High Court on December 19 last year had imposed a cost of Rs 1 lakh on Modi while dismissing his petition seeking an order to

Karnataka Bank drops after top boss, board member resign

June 30 (Reuters) – Shares of Karnataka Bank fell as much as 8.5% on Monday, and were headed for their worst session in nearly five months, a day after the Indian lender’s top boss and a board member stepped down. The stock opened 4% lower and accelerated declines. It was last down 8%. On Sunday, the bank said, opens new tab its Managing Director and Chief Executive Officer, Srikrishnan Hari Hara Sarma, had resigned citing “personal reasons, including his decision to relocate back to Mumbai”. Sekhar Rao, an executive director and a member of the board of directors, also resigned

Rupee rises 6 paise to 85.44 against US dollar in early trade

A man counts Indian rupee currency notes inside a shop in New Delhi, India. (Photo: Reuters)

Mumbai, Jun 30 (PTI) The rupee appreciated 6 paise to 85.44 against the US dollar in early trade on Monday, supported by weakness of the American currency and easing crude oil prices amid rise in investor risk sentiments. Forex traders said the US dollar index weakened in the overseas market and was trading at 97 level, while Brent oil declined to USD 67 a barrel on prospects of more OPEC+ supply in August and easing risks in the Middle East. Moreover, the ceasefire between Iran and Israel brought much-needed relief to oil markets, cooling crude prices and reducing global demand

Markets fall in early trade after 4-day rally dragged by bank stocks

Mumbai, Jun 30 (PTI) Equity benchmark indices Sensex and Nifty declined in early trade on Monday after a four-day rally amid emergence of profit-taking, mainly in bank stocks. The 30-share BSE Sensex slipped 182.77 points to 83,876.13 in early trade. The 50-share NSE Nifty dropped 46.25 points to 25,591.55. From the Sensex firms, Mahindra & Mahindra, Bharti Airtel, NTPC, HDFC Bank, Kotak Mahindra Bank and Axis Bank were among the laggards. However, Larsen & Toubro, Trent, State Bank of India and Eternal were among the gainers. In the past four trading days, the Sensex jumped 2,162.11 points or 2.64 per

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