MUMBAI: Shares of Punjab National Bank (PNB) slumped over 7% on Monday after the lender was hit by yet another fraud, this time by Bhushan Power & Steel Ltd.

At 9.30 am, the stock was at ₹75.80 on BSE, down 5.57% from its previous close. It opened at ₹76.30 and touched a low of ₹75.80 or 7.3% lower. So far this year the stock fell 1.9%.

Gold prices in India were marginally higher today but sharply off their record highs hit on Friday. On MCX, August gold futures were trading marginally higher at ₹34,608. On Friday, gold futures hit a record high of ₹35,100, before paring some gains. In Budget 2019, which was presented on Friday, Finance Minister Nirmala Sitharaman increased import duty on gold to 12.5%, from 10%, leading to a spike in domestic gold prices.

LEEDS, England: India's run-machine Rohit Sharma shared the secret of his red-hot form in the Cricket World Cup on Saturday, saying he approaches every match as if it was his first.

Sharma became the first player to smash five centuries in a World Cup after his 103 against Sri Lanka at Headingley to consolidate his position as this tournament's leading scorer.

Asian shares fell on Monday after strong US jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence. Share sentiment was also dampened by US investment bank Morgan Stanley’s decision to reduce its exposure to global equities due to misgivings about the ability of policy easings to offset weaker economic data.

Assuring that all the numbers mentioned in the Budget are realistic and achievable, Finance Minister Nirmala Sitharaman said as a government minister she is duty bound to follow glide path to achieve fiscal deficit target of 3% as per the law.

In the Budget presented on Friday, the government lowered the fiscal deficit target to 3.3% of the GDP for 2019-20 as compared to 3.4% projected in the interim Budget in February.

The government will launch a technology solution next month to enable detection of lost or stolen mobile phones that are operating in the country, an official said.

The tracking system would make the detection of stolen mobile phones possible even if the SIM card is removed or unique code IMEI number is changed, the official revealed.

Domestic equity benchmark BSE Sensex cracked over 400 points in early trade Monday dragged by losses in HDFC twins, L&T and RIL stocks, amid heavy selloff in global equities.

The 30-share index was trading 405.67 points, or 1.03%, lower at 39,107.72 at 0930 hours. Similarly, the broader Nifty sank 128 points, or 1.08%, to 11,683.15.

The National Company Law Appellate Tribunal (NCLAT) has directed the Mumbai bench of the NCLT to pass an order over the insolvency plea against 15 Videocon group companies within the next three weeks.

The NCLAT said that taking into consideration the nature of the matter, the National Company Law Tribunal (NCLT) Mumbai should pass an order within three weeks over the insolvency plea filed by banks.

At least 29 people lost their lives and several others were injured after a UP Roadways bus heading towards New Delhi from Lucknow fell into a drain on Yamuna Expressway in Agra on Monday morning.

The double-decker bus, that belonged to Awadh Depot, was carrying as many as 50 passengers on board, according to initial reports. Overcrowding is primarily being presumed to be the cause of the accident.

The build-up to Air India privatisation has taken off in full swing with the Union Budget announcing it as the centrepiece of divestment this year. The government is targeting October as the deadline for announcing the deal.

Not leaving anything to chance after a failed attempt earlier, the government has shortlisted the potential bidders, with the Tata group on top for its interest in aviation.

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