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Sensex drops by 894 points, Nifty drops below 11,000-mark as Yes Bank shares plummets over 55%

The Sensex dropped by 894 points while the Nifty crashed below the 11,000-mark on Friday as curbs on Yes Bank triggered a crisis of confidence among domestic investors. Traders said that a heavy sell-off in global markets due to coronavirus concerns took a further toll on the share market.

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Sensex

The Sensex dropped by 894 points while the Nifty crashed below the 11,000-mark on Friday as curbs on Yes Bank triggered a crisis of confidence among domestic investors. Traders said that a heavy sell-off in global markets due to coronavirus concerns took a further toll on the share market.

After nosediving over 1,459 points during the day, the 30-share BSE Sensex settled 893.99 points or 2.32 per cent lower at 37,576.62. Likewise, the broader NSE Nifty tanked 279.55 points or 2.48 per cent to close at 10,989.45.

Yes Bank plummeted over 55 per cent, after the RBI on Thursday placed Yes Bank under a moratorium and restricted withdrawal from the capital-starved bank at Rs 50,000 in the next one month. This restriction will remain in place till April 3, 2020.

The RBI also superseded the bank’s board and appointed an administrator for the period.

In a statement late on Thursday, the regulator said it was forced to step in after Yes Bank’s latest effort to raise new capital failed to materialize and as the lender “was facing regular outflow of liquidity.”

“Another bank bites the dust. This time its Yes Bank – one of the large private sector banks. RBI has stepped in and leading state-owned institutions are patching up a bailout plan for the bank and more importantly, safeguard the interest of depositors. However, the already weak sentiments have been dented further. The series of accidents in the Indian financial sector sends out a very poor message to the foreign investors. The negative bias is expected would sustain in the near term,” said Gaurav Dua, Senior VP, Head – Capital Market Strategy & Investments, Sharekhan by BNP Paribas.

Meanwhile, Finance Minister Nirmala Sitharaman on Friday assured Yes Bank depositors that their money is safe and all steps will be taken to ensure stability in the financial sector.

“Our government is committed to ensuring that depositors’ interests are safeguarded. I want RBI to ensure that due process of law is set to roll with a sense of urgency so that we should find out as to who led to the problem of this size & magnitude,” said the Minister.

Sitharaman has guaranteed Yes bank depositors, stating that their deposits, liabilities will not be affected.

“I have asked RBI to ago into assessing what has caused these difficulties for the bank and clearly identify the roles played by various individuals in creating the problem and not addressing it,” Sitharaman added.

“The immediate priority is to ensure Yes Bank customers are able to withdraw money within Rs 50,000,” said Sitharaman.

India News

Meta to face Indian parliamentary panel over Zuckerberg’s election remarks

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Mark Zuckerberg

Social media giant Meta will soon be summoned by India’s Parliamentary Standing Committee on Communication and Information Technology over CEO Mark Zuckerberg’s comments regarding the 2024 Indian general election. Nishikant Dubey, BJP MP and chairman of the panel, stated that Meta would be held accountable for allegedly spreading misinformation.

“Misinformation in a democratic country damages its image. The organization must apologize to the Parliament and the people for this mistake,” Dubey said in a post on X.

Zuckerberg, during a January 10 podcast, referred to the global erosion of trust in governments post-Covid. He claimed that in 2024, major elections worldwide, including India’s, saw incumbents losing power, linking this trend to factors such as inflation, economic policies, and pandemic handling.

The statement was swiftly fact-checked by Union Minister Ashwini Vaishnaw, who clarified that India’s 2024 general elections reaffirmed public trust in the NDA led by Prime Minister Narendra Modi.

“As the world’s largest democracy, India conducted its 2024 elections with over 640 million voters. People reaffirmed their trust in the NDA under PM Modi’s leadership. Zuckerberg’s claim is factually incorrect,” Vaishnaw posted on X.

He also highlighted Modi’s governance during Covid, emphasizing free food for 800 million citizens, 2.2 billion free vaccines, and economic recovery efforts that positioned India as a fast-growing economy. Vaishnaw expressed disappointment in Meta for allowing such misinformation, urging the platform to prioritize factual reporting.

While the BJP saw a slight dip in seats during the 2024 elections, the NDA comfortably retained power with its allies’ support. This marked Modi’s historic third consecutive term as Prime Minister, making him only the second Indian leader after Jawaharlal Nehru to achieve this milestone.

The controversy surrounding Zuckerberg’s remarks underscores the growing scrutiny of social media platforms in influencing political discourse and the need for accountability in the digital space.

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India News

Army vehicle accident in J&K claims two soldiers’ lives, two others injured

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Two soldiers were tragically killed and two others injured when an Army vehicle skidded off the road and plunged into a gorge in Jammu and Kashmir’s Bandipora district on Saturday.

The accident took place near the SK Payen area, leaving the soldiers with serious injuries. The injured personnel were promptly rushed to a nearby hospital for treatment, while the loss of the two soldiers has left the entire region in mourning.

This unfortunate incident follows another similar tragedy that occurred just a month ago in Poonch. In that accident, five soldiers lost their lives, and five others were injured when their truck fell into a 300-foot gorge. The Army’s White Knight Corps paid tribute to the fallen soldiers, sharing a statement on social media expressing their deepest condolences for the “brave soldiers” who had been serving on operational duty in the Poonch sector.

The latest loss has drawn widespread expressions of grief from political leaders. Jammu and Kashmir Chief Minister Omar Abdullah expressed his sorrow, while Congress leader Rahul Gandhi offered his heartfelt tributes to the martyrs. He also wished for a swift recovery for the injured soldiers and extended his deepest condolences to their grieving families.

These two incidents highlight the ongoing risks faced by soldiers in the line of duty, and the sacrifices made in protecting the nation. Authorities are continuing their investigation into the cause of the accident, while the military community comes together to mourn the tragic losses.

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India News

Aligarh man’s journey ends in arrest as Pakistani woman declines marriage proposal

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India-Pakistan International Border

A 30-year-old Indian man, Badal Babu, from Uttar Pradesh’s Aligarh district, is in judicial custody in Pakistan after illegally crossing the border to meet his Facebook friend, only to be rejected. The woman, identified as 21-year-old Sana Rani, told authorities she has no interest in marrying him.

The arrest took place in Mandi Bahauddin, a district in Pakistan’s Punjab province, roughly 240 kilometers from Lahore. Babu was detained under sections 13 and 14 of Pakistan’s Foreign Act for entering the country without proper documentation.

A Facebook friendship turns sour

According to Punjab police officer Nasir Shah, the duo had been friends on Facebook for over two and a half years. Babu, in love with Rani, decided to cross the border illegally to propose. However, Rani’s statement to the police made it clear she had no intention of marrying him.

Shah added, “Babu crossed into Pakistan illegally and reached Maung village, where he was apprehended. Whether he met Rani in person remains unclear.”

Family under scrutiny

Reports suggest that intelligence officials questioned Rani and her family about her relationship with Babu. Although there is speculation that Rani may have given her statement under duress, this remains unconfirmed.

Legal proceedings begin

Babu, who narrated his “love story” to authorities, was presented in court, which placed him in judicial custody for 14 days. His next hearing is scheduled for January 10.

A familiar tale across borders

Babu’s story echoes previous cross-border romances fostered through social media or online games.

  • In a widely publicized case, Indian woman Anju traveled to Pakistan to marry Nasrullah, converting to Islam before tying the knot.
  • Similarly, Seema Haider, a Pakistani woman, crossed into India via Nepal to marry her PUBG friend after bringing her four children along.
  • Last year, 19-year-old Pakistani girl Iqra Jiwani married Indian national Mulayam Singh Yadav in Nepal after meeting him online.

While these cases highlight the unifying power of social media, they also underscore the legal and personal challenges of navigating cross-border relationships.

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