Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Marketquake: PSU, Adani stocks feel verdict tremors; Nifty PSE tanks 16.4%
Update / Judgement Date
03 Jun 2024
Source
Author
Team — WCP Legal Desk
Reading Time
1 min read
PSU's AND Govt. Undertakings
Public sector enterprises (PSEs) and Adani Group stocks plummeted on Tuesday as election trends hinted at the BJP's struggle to secure a majority. The Nifty PSE Index tumbled by 16.4%, wiping out Rs 10.8 trillion from state-owned companies' market capitalization. \r
Adani Group saw a loss of over Rs 3.6 trillion. Adani Ports and Special Economic Zone dropped 21%, while Adani Enterprises fell by 19%. PSU giants like LIC, GAIL, Oil India, and ONGC faced double-digit declines. \r
The market selloff was fueled by concerns of a coalition government favoring welfare schemes over disinvestment targets, prompting short-term market derating, according to Emkay's India Strategy report.
