RIYADH: Indian shares fell on Monday, as IT services major Tata Consultancy Services dragged down technology companies after posting poor results last week, while the rupee hit another record low.
The NSE Nifty 50 index was down 0.30 percent at 16,172 at 0447 GMT, while the S&P BSE Sensex fell 0.36 percent to 54,284.71.
The Indian rupee opened lower at 79.30 per dollar. Then, it slid further, breaching its previous record low of 79.37. On Friday, the Indian rupee had an all-time closing low of 79.26 against the US dollar.
Supreme Court holds businessman Vijay Mallya guilty of contempt
India’s Supreme Court sentenced former liquor baron and fugitive Vijay Mallya on Monday to four months in jail for refusing to disclose his assets after defaulting on a loan of 90 billion rupees ($1.13 billion) since the collapse of his defunct Kingfisher Airlines.
The businessman is now in Britain, and India has tried to extradite him. However, despite several summons, Mallya has refused to appear before the court.
The court found him guilty of contempt for not obeying its orders and imposed a fine of 2,000 rupees.
Lawyers for the lenders have said Mallya transferred $40 million to his family members even though the bank loan remains unpaid.
The court has also set a four-week deadline for Mallya and his family to deposit $40 million, along with the accrued interest, or face further legal action.
Mallya, who also co-owned the Formula One motor racing team Force India until 2019, has denied all wrongdoing and has previously said the case against him is politically motivated.
Mahindra open to investing in EV battery cell company: CEO
India’s Mahindra & Mahindra could consider investing in a battery-cell company to meet future electrification needs, its CEO said, after raising funds for its new electric vehicle unit at a $9.1 billion valuation.
Mahindra on Thursday raised $250 million from British International Investment for the unit and is exploring a partnership with Volkswagen to source such EV components as batteries and motors.
While the Volkswagen deal would meet Mahindra’s “short to medium term” battery needs, Mahindra CEO Anish Shah said the company was open to looking at “investment with a global leader” in the battery-cell space if needed to secure future supplies.
“Our intent is not to get into manufacturing batteries,” Shah said in an interview.
He added: “There are people who do it very well. We can partner with them; we could be a co-investor in some form. We don’t need to own it and run it.”
Mahindra plans to launch five electric sport-utility vehicles over the next few years. These models are expected to contribute up to 30 percent, or about 200,000 units, of its total annual SUV sales by March 2027.
(With input from Reuters)