Business Highlights Of The Day

Following are major business news stories of PTI till 1930 hours today:

INFLATION
New Delhi: Retail inflation fell to nine-month low of 4.17 per cent in July on account of slowdown in prices of vegetables and fruits, said government data released today.

PNB-SCAM-USHA
New Delhi: The government today dismissed Usha Ananthasubramanian, former managing director of scam hit Punjab National Bank and Allahabad Bank, from service, according to an official notification.

IOC-IRAN
New Delhi: Iran is keen to invest in the Rs 30,000 crore expansion of Chennai refinery but the fate of banking channels to route such investment is uncertain in view of US sanctions against the Persian Gulf nation, IOC Chairman Sanjiv Singh said today.

RUPEE-CLOSE
Mumbai: The rupee today crashed by a mammoth 110 paise — its biggest single-day fall in five years — to end at a lifetime low of 69.93 as the US dollar gained rapid strength amid fears that economic crisis in Turkey could spread to other global economies.

STOCKS
Mumbai: The benchmark Sensex today logged its second straight session loss, tumbling over 224 points to a near two-week low of 37,645 on massive sell-offs mainly in financial stocks as the battered rupee and Turkish financial crisis spooked investors.

JET-DEFAULT
New Delhi: In mounting troubles for crisis-hit Jet Airways, the airline and some credit rating agencies have come under regulatory scanner for alleged lapses in timely disclosure of default risk of loans worth Rs 11,000 crore taken from state-owned as well as private sector banks, officials said.

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