The stock price of RBL Bank hit a record low of Rs 92.75 as it tumbled 18 per cent on the BSE in Monday’s intra-day trade after the Reserve Bank of India (RBI) approved R Subramaniakumar's appointment as the managing director & chief executive officer (MD & CEO) of the private sector lender.

"The RBI has approved the appointment of Mr. R Subramaniakumar as Managing Director & CEO of the Bank for a period of three years with effect from date of his taking charge," RBL Bank said in a exchange filing on Saturday, June 11, 2022.

Shares of Life Insurance Corporation of India (LIC) slipped 4 per cent to Rs 681.70 on the BSE in Monday's intra-day trade with the lock-in period for anchor investors ending on Monday, June 13.

The state-owned insurance behemoth's share price is down 28 per cent from its issue price of Rs 949 per share. At the time of the IPO, retail investors were alloted shares at Rs 905 apiece, whereas policyholders received allottment at Rs 889 per share.

The rupee slipped 36 paise to its all-time low of 78.29 against the US dollar in early trade on Monday, tracking the strength of the American currency overseas as investors flocked to the safe-haven currency amid an overall risk-averse sentiment.

Forex traders said weak Asian currencies, a lacklustre trend in domestic equities and persistent foreign capital outflows weighed on investor sentiments.

Vedanta plans to modify the design of one of its waste heat recovery power plants in Goa and reoptimise its turbines through the use of a specialised technology in order to increase power generation by another 5 MW, a top official of the company said.

This is in line with Vedanta's efforts towards reducing the carbon footprint.

US President Joe Biden will visit New Mexico on Saturday to talk about his administration's efforts to tackle wildfires as residents smolder with anger over how federal officials allowed planned burns to spread out of control, leading to the largest blaze in recorded state history.

The fire has been contained on several fronts, but is still burning amid dangerously hot and dry conditions. It's destroyed more than 430 homes across 1,300 square kilometres since early April, according to federal officials.

Gold opened lower on Saturday, Rs 210 down from the previous day's rate, with 10 gram of 24-carat gold trading at Rs 52,100. Meanwhile, 10 gram of 22-carat gold is trading at Rs 47,750, after a decrease of Rs 200.

The precious metal is used as a hedge against inflation, but higher interest rates increase the opportunity cost of holding the non-yielding asset.

The family of dismissed BJP leader Naveen Jindal has left Delhi following a death threat.

Jindal was dismissed from the BJP after controversy erupted over his remark against Prophet Muhammad which was in support of suspended party BJP spokesperson Nupur Sharma's statement also against the Prophet.

After Shiv Sena's Sanjay Pawar lost the Rajya Sabha polls from Maharashtra to BJP's Dhananjay Mahadik, party leader Sanjay Raut on Saturday alleged that the BJP put pressure on the Election Commission to get his party's one vote disqualified.

Talking to reporters, Raut, who himself managed to win a seat, said the BJP's victory was not as huge as it was being made out to be, and added that the Sena's second candidate secured more first preference votes.

SoftBank and Meta-backed e-commerce startup Meesho recorded 5.35 million orders during its one-day sale event, registering a five-fold jump on a year-on-year basis.

Meesho had registered 1 million orders during the Maha Indian Savings Sale it hosted on June 6, last year.

The National Company Law Appellate Tribunal (NCLAT) on Friday ordered starting of insolvency proceedings in only one of the housing projects of realty firm Supertech Ltd and not the entire company, and directed constitution of the Committee of Creditors for the said project only.

A two-member NCLAT bench limited the Corporate Insolvency Resolution Process (CIRP) to only "Eco Village II Project" located at Greater Noida (West).

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