Citigroup Inc.’s wealth arm has stopped accepting securities of Gautam Adani’s group of firms as collateral for margin loans as banks ramp up scrutiny of the Indian tycoon’s finances following allegations of fraud by short seller Hindenburg Research.

The US lender’s move to restrict lending comes after a similar change at Credit Suisse Group AG, as Adani’s beleaguered empire becomes further engulfed in crisis.

The first-ever G20 meeting in Assam began on Thursday with Union Minister Sarbananda Sonowal inaugurating the two-day event, which will deliberate on sustainable financing solutions.

More than 100 delegates, including 95 foreign officials, comprising representatives of G20 nations, guest countries and international organisations have assembled in Guwahati for the discussions of the influential world grouping.

Union Budget 2023-24 has a slew of measures to boost exports and help accelerate the growth of manufacturing in the country, said an official press release by the government, adding that the indirect tax simplification and rationalisation have a clear export-oriented focus, as per an official press release.

The Department of Commerce's recommendation on lab-grown diamond (LGD) has been accepted whereby the research grant of Rs. 242 crores over a period of 5 years to IIT Madras has been approved. This will enable the indigenisation of the manufacturing process of LGD, as per an official release.

Shares of Adani group companies extended their downturn on Thursday with Adani Enterprises, Adani Transmission, Adani Green Energy and Adani Total Gas tanking 10 per cent each to hit their respective lower circuits on the BSE, as of 09:21 am, with no buyers seen on these counters.

Adani Wilmar, Adani Power and New Delhi Television (NDTV) were also locked in the 5 per cent lower circuit. Adani Ports and Special Economic Zone was down 10 per cent to Rs 443 in the intra-day trade, while ACC and Ambuja Cements declined 1-3 per cent.

General Atomics, a major American energy and defence corporation, has started three significant projects in India in the field of artificial intelligence, drones and semiconductors, a company official has said, a day after the launch of a landmark India-US initiative on critical and emerging technologies.

With Bharat Forge, General Atomics Aeronautical Systems (GA-ASI) has entered into a partnership in the critical field of aerostructure manufacturing and with 114ai, an Indian artificial intelligence (AI) company, to develop the next generation of technologies in artificial intelligence, according to Vivek Lall, chief executive, of the General Atomics Global Corporation.

The Adani group will review the capital raising plans of group flagship Adani Enterprises once it's share price stabilises, Chairman of the Adani group, Gautam Adani said.

A day after withdrawing its Rs 20,000 crore follow on offer, Adani said the decision to withdraw FPO would have surprised many, but considering the volatility of the market seen on Wednesday, the AEL board strongly felt that it would not be "morally correct" to proceed with the FPO.

Finance minister Nirmala Sitharaman lined up a record allocation for Indian Railways in her budget on Wednesday, at Rs 2.4 trillion, as the national transporter is looking for massive infrastructure expansion in coming years ahead.

During last year’s Budget, Sitharaman had allocated Rs 1,40,367.13 crore for the rail sector. "This is the highest ever outlay in the history of railways, almost nine times the outlay made in 2013-14," the finance minister said.

Bharatiya Janata Party (BJP) leader Ravi Shankar Prasad on Tuesday attacked Bihar Chief Minister Nitish Kumar saying that he should stop making the people of Bihar "suffer" due to his governance.

Talking to ANI, the BJP leader said, "Bihar CM Nitish Kumar used to say that I will die but not form a coalition with Tejashwi Yadav. He must stop making the people of Bihar suffer due to his governance."

Gold prices fell Rs 170 on Wednesday, with 10 grams of the yellow metal (24-carat) trading at Rs 57,270. Silver prices fell Rs 100 from yesterday's close to Rs 72,300 per kg.

The price of 22-carat gold fell Rs 150 from yesterday's close to Rs 52,500, according to the GoodReturns website.

In Mumbai, Kolkata, and Hyderabad, 10 grams of 24-carat and 22-carat gold was selling at Rs 57,270 and Rs 52,500, respectively.

A selloff in Adani Group’s stocks intensified Wednesday, as the completion of a key share sale by the Indian conglomerate’s flagship firm failed to offset wider concerns arising from a US short seller’s fraud allegations.

Nine of the 10 stocks tied to billionaire Gautam Adani dropped in early Mumbai trading, with Adani Total Gas Ltd. leading the declines with a 10% plunge, a daily limit. Adani Enterprises Ltd., which completed a $2.5 billion follow-on stock sale Tuesday, lost 3.2%.

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