Kotak Mahindra's Shares Fall After Ban On Cards And New Online Clients
NDTV
The lender's shares tumbled as much as 13% on Thursday after it was barred from adding new customers through its digital channels and from issuing fresh credit cards.
Uday Kotak built his Kotak Mahindra Bank Ltd. over decades to become Asia's richest banker. After India's regulator slapped his bank with a surprise ban, he's facing one of his biggest tests yet - and a dip in wealth.
The lender's shares tumbled as much as 13% on Thursday after it was barred from adding new customers through its digital channels and from issuing fresh credit cards. As the largest shareholder with a stake of almost 26%, the billionaire founder bore the heaviest brunt from the selldown, the most in four years.
That saw his wealth decline by $1.3 billion, according to the Bloomberg Billionaires Index. He was worth $14.4 billion as of April 24.
Rival Axis Bank Ltd. overtook Kotak's market capitalization for the first time since Sept. 2016. Axis' shares had surged after its earnings beat analysts' estimates.
The BJP, Vishnu Deo Sai said, has shown huge respect to Ambedkar, no matter who headed the government -- Atal Bihari Vajpayee or Narendra Modi.
Shyam Benegal, who burst on the scene with his first film "Ankur" in 1974, was a chronicler of India's times and politics.
A second-cousin brother of the late legend, actor-film-maker Guru Dutt, Shyam Benegal was 90 and breathed his last at a private hospital in Mumbai. He is survived by his wife Nira and their daughter Pia.
The union government has scrapped the 'no-detention policy' for classes 5 and 8 in schools governed by it allowing them to fail students who do not clear the year-end exams, according to officials.
"Adani Defence Systems & Technologies Ltd (ADSTL) has signed a share purchase agreement to acquire 85.8 per cent shareholding in Air Works India (Engineering) Private Ltd," a company statement said.
Several domestic carriers, between October and November, received hundreds of "hoax" messages or calls on their official communication channels including on social media.
Former Chief Minister Naveen Patnaik's BJD has made it clear that they are not against Electronic Voting Machines, questioning instead the integrity of the election process.
Lavi Pal alias Rahul Saini was arrested after an encounter in which he was injured on the intervening night of Sunday and Monday.
Seven Indians were injured in the deadly car-ramming attack in the eastern German city of Magdeburg.
The man, identified as Zakir, gesticulated to a biker to help him, even as the truck kept accelerating, showed the 36-second clip.
All the accused were arrested in November and December after reviewing data from the Indian Cyber Crime Coordination Center (I4C), said Priyanshu Dewan, ACP (cyber).