Major stock rout puts S&P 500 in bear market
In one of the stock market's worst across-the-board declines in years, the Standard & Poor's 500-stock index finally succumbed to "bear market" territory with all the subtlety of a swinging paw. A series of events - from the overnight drop in Tokyo stocks to the latest warnings from high-technology companies - combined to set the market on edge. Selling accelerated during the day, partly because more investors received "margin calls," or demands that investors who bought stock with borrowed funds come up with additional cash or sell shares. Such selling could remain a problem. RBI bar on Madhavpura Mercantile Bank
The alleged involvement of the Ahmedabad-based The Madhavpura Mercantile Co-Operative Bank in funding dubious capital market deal on Tuesday led to a virtual crippling of the clearing house activities in this market-savvy city. The routine daily clearing in Ahmedabad is pegged at around Rs 1,500 crore. Meanwhile, the RBI has temporarily suspended the membership of the Madhavpura bank for a period of one week from March 13.
V Narayan is ERC member-secretary
The Appointments Committee of Cabinet (ACC) has approved the appointment of Mr Valluri Narayan, presently chief commissioner (investment and NRI) as member-secretary of the Expenditure Reforms Commission (ERC). The committee also approved appointment of Mr Gopal Achari as director-general of the Narcotics Control Bureau.
Rhone-Poulenc board revamped
The board of Rhone-Poulenc India has been revamped. The move is a direct fallout of the acquisition of the company by Nicholas Piramal India Ltd (NPIL). Rhone-Poulenc India deputy managing director, Mr JC Jani has been elevated as managing director of the company. The new Rhone-Poulenc India board now comprises: Nicholas Piramal chairman Mr Ajay G Piramal, Mr RA Shah, Mr Shailesh Haribhakti, Mr MR Pai, Nicholas Piramal chief operating officer Mr Vijay Shah and chief financial officer Mr Mahesh Gupta.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
