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Rupee falls 23 paise to close at 85.73 against US dollar

Rupee hits record low

Mumbai, Jun 30 (PTI) The rupee pared initial gains and settled for the day in the negative territory, down 23 paise at 85.73 (provisional) against the US dollar on Monday, on weak domestic equities and a bounce back in crude oil prices. Forex traders said the rupee opened in the positive on improved global risk sentiments, however, a negative trend in domestic equities dented investor sentiments and dragged down the local unit. At the interbank foreign exchange, the rupee opened at 85.48 against the US dollar and witnessed an intra-day high of 85.44 and low of 85.77 before settling at

Markets fall after 4-day rally dragged by bank stocks; Sensex drops 452 points

Mumbai, Jun 30 (PTI) Benchmark equity indices Sensex and Nifty tumbled on Monday after a four-day rally amid emergence of profit-taking, mainly in bank stocks. After staying in the negative territory throughout the day, the 30-share BSE Sensex later dropped 452.44 points or 0.54 per cent to settle at 83,606.46. During the day, it tanked 576.77 points or 0.68 per cent to 83,482.13. The 50-share NSE Nifty declined 120.75 points or 0.47 per cent to 25,517.05. From the Sensex firms, Axis Bank, Kotak Mahindra Bank, Maruti, UltraTech Cement, Bajaj Finance, ICICI Bank, Reliance Industries, Tata Steel, Bharti Airtel and HDFC

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

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