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Russia-Ukraine crisis: Sensex crashes over 2,000 points today, Nifty settles below 16,250-mark

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The Indian equity indices on Thursday dragged the Sensex by over 2,000 points as Russia invaded Ukraine. Soon after Russian President Vladimir Putin announced war against Ukraine, the stock market experts have started claiming that it is one of the worst market crash in the history of the Indian stock market.

It is the 10th biggest market crash in history as Russia invades Ukraine, the moneycontrol reported.

The benchmark BSE Sensex crashed 2,702 points (4.72%) to close at 54,530 while the broader NSE Nifty moved 815 points (4.78%) lower to settle at 16,248. Both the indexes fell for the seventh straight session, marking their worst run since March 2020.

Following Russia-Ukraine war, the investors lost over Rs 7.5 lakh crore within minutes of market opening. The market cap of BSE-listed firms fell by Rs 7.59 lakh crore after investor wealth declined to Rs 248.09 lakh crore against Rs 255.68 lakh crore in the previous session.

Among 15 sectors which was running in trouble, the Nifty PSU bank and auto underperformed the index by falling as much as 8.26% and 6.26%, respectively.

With the market capitalisation (m-cap) of BSE-listed companies falling from Rs 255 lakh to Rs 242 crore mark, the investors have lost 13.57 lakh crore in wealth in a sharp plunge on the Dalal Street today amid Russia-Ukraine war.

Read Also: Russia-Ukraine crisis: Indian students stranded in Kyiv, say no transport available, where should we go, video goes viral | WATCH

On January 24, the Sensex had so far witnessed its worst intra-day decline. However, today’s loss turned out to be the 10th biggest intra-day fall in the history of the BSE Sensex.

Oil prices breached 100 USD per barrel for the first time since 2014. India is the world’s third-largest importer of oil.

India News

Women’s quota bill fails in Lok Sabha as it falls short of two-thirds majority

Women’s reservation proposal failed in Lok Sabha after securing 298 votes, below the required two-thirds majority

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Parliament

Government secures 298 votes in favour, 230 against; proposal does not pass constitutional threshold

The proposed amendment related to women’s reservation failed to pass in the Lok Sabha on Friday after the government could not secure the required two-thirds majority.

The bill received 298 votes in favour and 230 against, falling short of the constitutional threshold needed for passage. As a constitutional amendment, it required the support of at least two-thirds of members present and voting.

Despite securing a simple majority, the government was unable to gather sufficient support to meet this requirement.

Debate continues over two days

The discussion on the bill extended late into Thursday and continued on Friday, with members from both sides participating in the debate on women’s representation in legislative bodies.

Prime Minister Narendra Modi urged members to support the proposal, calling for wider consensus on the issue.

Implications of the outcome

The failure of the bill underscores the challenges in securing broad political agreement on constitutional amendments, especially those related to representation and electoral reforms.

The proposal was aimed at advancing women’s representation in the Lok Sabha and state assemblies, an issue that has remained under discussion for several years.

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India News

Rahul Gandhi faces FIR order as Allahabad High Court acts on dual citizenship plea

High Court allows plea in Rahul Gandhi citizenship case, paving the way for further legal process.

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Rahul Gandhi

The Lucknow bench of the Allahabad High Court has allowed a petition seeking legal action in connection with allegations related to Congress leader Rahul Gandhi’s citizenship status, marking a fresh development in the case.

The petition was filed by a political worker, who had approached the court seeking directions for registration of a case over claims that Gandhi may have held foreign citizenship. The High Court, while hearing the matter, passed directions for further proceedings in accordance with law.

The development comes after a special MP/MLA court in Lucknow had earlier declined to order registration of an FIR, reportedly observing that it lacked jurisdiction in matters concerning citizenship.

Background

The case is linked to allegations that Rahul Gandhi may have held British citizenship. Under Indian law, dual citizenship is not permitted. However, these claims remain part of the petitioner’s submissions and have not been established by any court.

During earlier hearings, the High Court had sought records and considered material presented by the parties involved.

What happens next

With the High Court allowing the plea, the matter is expected to proceed as per due legal process. This may involve examination by the appropriate authority and further judicial review at subsequent stages.

The case carries both legal and political significance given Rahul Gandhi’s role as Leader of the Opposition in the Lok Sabha.

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India News

Pawan Khera faces fresh setback as Supreme Court refuses relief in passport row case

Congress leader Pawan Khera faces fresh setback as Supreme Court refuses interim relief and directs him to seek bail from Guwahati High Court.

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Pawan Khera

Congress leader Pawan Khera suffered another legal setback on Friday after the Supreme Court of India declined to extend protection in a case linked to his remarks about Himanta Biswa Sarma’s wife.

A bench of the apex court refused to interfere with an earlier order that had stayed the transit anticipatory bail granted to Khera by the Telangana High Court. This decision leaves the Congress leader open to possible arrest by Assam Police in connection with the case.

During the hearing, Khera’s counsel sought interim protection, but the court declined the request and advised him to approach the appropriate court in Assam for relief. The bench clarified that the Guwahati High Court should decide any bail plea independently and on its merits.

“Am I a terrorist?” remark during hearing

While seeking protection, Khera’s legal team expressed concern over the urgency of the situation. In court, his counsel remarked, “Am I a terrorist?” highlighting the plea for temporary relief until a fresh bail application could be filed.

The Supreme Court also raised concerns over the submission of incorrect documents during the proceedings, adding another layer to the legal complications faced by the Congress leader.

Case linked to remarks on CM’s wife

The case stems from a press conference held earlier this month, where Khera made allegations regarding the citizenship status and financial assets of the Assam Chief Minister’s wife, Riniki Bhuyan Sharma.

He had claimed that she possessed multiple passports and owned undisclosed overseas properties. These allegations were strongly denied by the Chief Minister’s family, who termed them fabricated and misleading.

Legal battle intensifies

Earlier, the Telangana High Court had granted Khera temporary transit anticipatory bail, allowing him time to seek relief from a competent court in Assam. However, the Supreme Court stayed that order following a challenge by Assam authorities, escalating the legal battle.

With the latest ruling, Khera is now expected to move the Guwahati High Court for anticipatory bail as the case continues to unfold.

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