Top Stories | US Court indicts Adani, Ola Electric layoffs, Russia fires ICBM at Ukraine, and more
The indictment has given fresh ammunition to the Opposition ahead of the Winter session of Parliament, with Congress leader Rahul Gandhi calling for Adani’s arrest. The development further dented the market sentiment, with the Nifty hitting a five-month low and the rupee falling to a record low against the dollar.
In other corporate news, Ola Electric is laying off 500 employees to streamline operations, while Bitcoin continues its rally toward $100,000.
The US government has urged a federal court to force Google to sell its Chrome browser as part of antitrust measures.
On the global stage, Russia has launched an ICBM at Ukraine for the first time in its war against the country, marking a significant escalation, while the International Criminal Court has issued arrest warrants for Israeli and Hamas leaders over alleged war crimes.
Stay tuned for more buzzing stories from markets, business, economy, and beyond!
US Indictment of Adani executives — what’s the lesson for the entire business, regulatory ecosystem
The indictments of Adani Group executives by a US court have reignited the conglomerate’s reputational crisis, compounded by previous allegations from Hindenburg Research.
The charges could erode investor confidence, at least for a short term, and increase scrutiny of Adani’s business practices. While the company denies wrongdoing, the legal challenges ahead may complicate efforts to restore trust.
At a time like this, the key focus is on how regulatory bodies, corporate entities, and investors navigate the complexities of governance, legal scrutiny, and market confidence. The real issue at hand is how these stakeholders respond in the face of reputational challenges and what it means for the larger business and regulatory ecosystem.
Nifty 50 hits 5-month low as bribery case against Adani Group jolts markets
The Nifty 50 touched a five-month low on Thursday amid a fresh market rout, as Adani Group stocks suffered heavy losses, following a US court indictment of Gautam Adani and others over a multi-million dollar bribery case.
Shares of all Adani Group companies ended Thursday’s trading session with losses of up to 25%, after US prosecutors have charged Gautam Adani with allegedly participating in a scheme which involved promising to pay over $250 million in bribes to Indian government officials to secure solar energy contracts. Group companies lost ₹2.3 lakh crore in market capitalisation so far.
The Sensex fell 423 points to 77,156, while the Nifty dropped 169 points to 23,350. Adani Enterprises was the top Nifty 50 loser, plunging 23.4% at the end of the session.
Adani Group calls allegations ‘baseless’; To seek all possible legal recourse
The Adani Group issued a media statement on Thursday, November 21, after a US District Court and the SEC charged Gautam Adani and other group executives of bribery over certain solar projects.
Here is what the statement said
PSU Bank index sees steepest drop in months as Adani bribery row weigh on sentiment
The Nifty PSU Bank index on November 21 recorded its sharpest intraday fall in over five months, plunging nearly 5% amid a broad market sell-off. Investor sentiment took a hit as public sector bank stocks saw sharp declines, with State Bank of India (SBI), Bank of Baroda, and Punjab National Bank (PNB) among the hardest hit.
Adding to the market turmoil were allegations from US prosecutors accusing Adani Group executives of bribery, which further weighed on public sector bank stocks. SBI slipped 5% to ₹761.55, Bank of Baroda fell 7% to ₹219.85, and PNB dropped 6% to ₹94.81 during the session.
Adani bribery case: Arrest Gautam Adani, remove SEBI chief Madhabi Buch, demands Congress
Congress MP and Leader of Opposition in the Lok Sabha Rahul Gandhi said that Adani Group Chairman Gautam Adani should be arrested in an alleged bribery case in the US. Gandhi accused Prime Minister Narendra Modi of protecting him.
The Opposition leader has also demanded the removal SEBI chief Madhabi Buch and also accused her of protecting Adani.
“I can guarantee that Adani won’t be arrested or investigated in India because the government is protecting him,” Gandhi alleged. He said investigations should cover all states irrespective of the party in power.
Taking a dig at BJP’s ‘ek hai to safe hai’ campaign slogan, Gandhi said, “If PM Modi and Adani are together, they are safe in India.”
Rupee hits record low hurt by weak local equities, buoyant dollar
The Indian rupee weakened to its all-time low on Thursday, pressured by likely foreign outflows from local stocks and renewed strength in the dollar as investors tempered hopes of aggressive rate cuts by the U.S. Federal Reserve.
The rupee declined to a low of 84.4275 in early trading, eclipsing its previous all-time low of 84.42. It was quoted at 84.4175 as of 10:30 a.m. IST, nearly flat on the day.
Bitcoin nears historic milestone — just $2,000 away from $100,000
Bitcoin surged to an all-time high of $98,126.40 at 4.55 pm IST on Thursday, bringing it tantalisingly close to the historic $100,000 milestone.
The cryptocurrency’s rally is driven by renewed investor confidence, fueled by expectations of pro-crypto policies under President-elect Donald Trump and substantial inflows into digital asset investments.
US-listed Bitcoin ETFs have been pivotal in this surge, with more than $4 billion pouring in since the election. BlackRock’s Bitcoin ETF options saw a strong debut this week, with bullish bets dominating the market.
Ola Electric undertakes restructuring exercise, 500 employees to be impacted
Bhavish Aggarwal-led Ola Electric is initiating a new restructuring exercise which is expected to affect over 500 employees across various roles within the organisation, according to sources familiar with the matter who spoke to Moneycontrol.
According to sources within the organization, the company is undertaking the layoffs to improve its margins in its efforts to attain profitability.
Google must divest Chrome to restore competition in online search, DOJ says
Alphabet’s Google must sell its Chrome browser, share data and search results with competitors and take a range of other measures to end its monopoly on searching the internet, US prosecutors argued to a judge on Wednesday.
Such changes would essentially result in Google being highly regulated for 10 years, subjecting it to oversight by the same Washington federal court that ruled the company maintained an illegal monopoly in online search and related advertising.
Russia fires first-ever intercontinental ballistic missile at Ukraine, says Kyiv
Ukraine has accused Russia of deploying an intercontinental ballistic missile (ICBM) to target the city of Dnipro in the central-eastern region of the country. This marks the first reported use of such a weapon in the war.
Ukraine’s air force disclosed the incident in a statement on Telegram, revealing that the missile was launched overnight from Russia’s Astrakhan region. While the exact type of missile remains unconfirmed, the use of an ICBM highlights the intensifying nature of the conflict.
This development comes amid rising international tensions, with reports of North Korean troops joining Russian forces on the battlefield. The arrival of foreign military personnel signals a broader internationalisation of the conflict, further complicating the geopolitical landscape.
ICC issues arrest warrants for Netanyahu, former defence minister over Gaza war crimes
The International Criminal Court (ICC) on Thursday, November 21, issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, his former defence minister Yoav Gallant, and several Hamas officials, accusing them of war crimes and crimes against humanity.
The charges stem from the war in Gaza and the October 2023 attacks that sparked Israel’s military offensive in Palestinian territory.
The warrants, label Netanyahu and others as internationally wanted suspects. This development is expected to heighten their international isolation and further complicate cease-fire negotiations aimed at ending the ongoing 13-month conflict.
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