The brokerage India Infoline has pushed the Mumbai bourse lower as a corruption scandal threatens to undercut an extended market rally.
India's Central Bureau of Investigation on Wednesday arrested eight bank and brokerage officials as part of an investigation into bribes and improper loan disbursals. The agency has separately been examining the role of a former central government minister in the sale of phone permits for less than their market value.
"Everything that could go wrong appears to be going wrong," Morgan Stanley said in a report. "These events will cause the volatility in Indian equities to intensify." The New York investment bank said stocks in Asia's second-fastest growing economy now faced their "stiffest test" in some time.
Rajesh Sharma, the chairman of the Mumbai company Money Matters Financial Services, was among those arrested this week. India Infoline advised Money Matters for a sale of shares to large investors this year but denied any wrongdoing.
"We did our due diligence but you cannot do an investigation," India Infoline's chairman, Nirmal Jain, said yesterday. "As an investment banker, we did our job."
India Infoline shares sank 15 per cent, the most in 19 months, to 91.30 rupees. Money Matters fell 20 per cent for the second day to 427.05 rupees.
India's benchmark stock index fell to its lowest level in more than two months. The Bombay Stock Exchange's Sensitive Index, or Sensex, lost 141.69, or 0.7 per cent, to 19,318.16. The S&P CNX Nifty Index on the National Stock Exchange retreated 1.1 per cent to 5,799.75. The BSE 200 Index dropped 1.4 per cent to 2,431.62.
The Sensex has slipped 8 per cent from a November 5 record close as inflation in China, Europe's debt crisis, skirmishes between North and South Korea and concern about the strength of USgrowth shook investor confidence.
* with Bloomberg
[ business@thenational.ae ]
Tips for travelling while needing dialysis
- Inform your doctor about your plans.
- Ask about your treatment so you know how it works.
- Pay attention to your health if you travel to a hot destination.
- Plan your trip well.
The specs
Engine: 2.0-litre four-cylinder turbo hybrid
Power: 680hp
Torque: 1,020Nm
Transmission: 9-speed auto
Fuel consumption: 7.5L/100km
On sale: Early 2024
Price: From Dh530,000 (estimate)
COMPANY PROFILE
Company name: Revibe
Started: 2022
Founders: Hamza Iraqui and Abdessamad Ben Zakour
Based: UAE
Industry: Refurbished electronics
Funds raised so far: $10m
Investors: Flat6Labs, Resonance and various others
Tour de France Stage 16:
165km run from Le Puy-en-Velay to Romans-sur-Isère
EMIRATES'S REVISED A350 DEPLOYMENT SCHEDULE
Edinburgh: November 4 (unchanged)
Bahrain: November 15 (from September 15); second daily service from January 1
Kuwait: November 15 (from September 16)
Mumbai: January 1 (from October 27)
Ahmedabad: January 1 (from October 27)
Colombo: January 2 (from January 1)
Muscat: March 1 (from December 1)
Lyon: March 1 (from December 1)
Bologna: March 1 (from December 1)
Source: Emirates
Russia's Muslim Heartlands
Dominic Rubin, Oxford
RESULTS
Catchweight 82kg
Piotr Kuberski (POL) beat Ahmed Saeb (IRQ) by decision.
Women’s bantamweight
Corinne Laframboise (CAN) beat Cornelia Holm (SWE) by unanimous decision.
Welterweight
Omar Hussein (PAL) beat Vitalii Stoian (UKR) by unanimous decision.
Welterweight
Josh Togo (LEB) beat Ali Dyusenov (UZB) by unanimous decision.
Flyweight
Isaac Pimentel (BRA) beat Delfin Nawen (PHI) TKO round-3.
Catchweight 80kg
Seb Eubank (GBR) beat Emad Hanbali (SYR) KO round 1.
Lightweight
Mohammad Yahya (UAE) beat Ramadan Noaman (EGY) TKO round 2.
Lightweight
Alan Omer (GER) beat Reydon Romero (PHI) submission 1.
Welterweight
Juho Valamaa (FIN) beat Ahmed Labban (LEB) by unanimous decision.
Featherweight
Elias Boudegzdame (ALG) beat Austin Arnett (USA) by unanimous decision.
Super heavyweight
Maciej Sosnowski (POL) beat Ibrahim El Sawi (EGY) by submission round 1.
The specs
Engine: 4.0-litre twin-turbo V8
Power: 666hp at 6,000rpm
Torque: 850Nm at 2,300-4,500rpm
Transmission: 8-speed auto
On sale: Q1 2023
Price: from Dh1.15 million (estimate)
Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
* Agence France Presse
CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
Kimi Raikkonen (Ferrari)
2nd row
Valtteri Bottas (Mercedes-GP)
Lewis Hamilton (Mercedes-GP)
3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
Nico Hulkenberg (Renault)
Sergio Perez (Force India)
5th row
Carlos Sainz Jr (Renault)
Romain Grosjean (Haas)
6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
arcus Ericsson (Sauber)
Kill
Director: Nikhil Nagesh Bhat
Starring: Lakshya, Tanya Maniktala, Ashish Vidyarthi, Harsh Chhaya, Raghav Juyal
Rating: 4.5/5
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah