Motor strike: Normal life hit in Kerala, public vehicles keep off roads

Agencies

March 2, 2021

Fuel price hikes: Motor strike hits normal life in Kerala, public vehicles keep off roads - cnbctv18.com

Kannur, Mar 2: Normal life was affected in Kerala during the initial hours of Tuesday as a dawn-to- dusk motor strike, called by a joint committee of various trade unions to protest the spiralling fuel price in the country, began.

State-run KSRTC buses did not operate while taxies, auto-rickshaws and private buses remained off the roads across the state since the agitation began by 6.00 am.

Commercial vehicles including trucks and lorries were also not plying to express solidarity with the stir, called by Samyuktha Samara Samithi, an umbrella organnisation of various trade unions.

Though the Committee requested allprivate vehicles to keep off the road, they made it clear that they won't block such vehicles.

While the Bharatiya Mazdoor Sangh, a pro-BJP union, kept away from the agitation,all other major trade unions including the Indian National Trade Union Congress (INTUC) and Centre of Indian Trade Unions (CITU) vowed support to it.

All the exams scheduled for Tuesday have been postponed in the southern state.

The SSLC, plus two, VHSC exams also have been rescheduled to March 8, government sources said.

The APJ Abdul Kalam Technology University and Kerala, Kochi, Kannur and Mahatma Gandhi universities have also postponedall examinations scheduled in view of the 12-hour- long vehicle strike.

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Adani Group in Crisis: $30 Billion Wiped Out after US Bribery and Fraud Charges Emerge

News Network

November 21,2024

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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