The global equity market meltdown continued into Monday, with India’s benchmark indices, the Nifty 50 and the Sensex, experiencing a sharp correction of over 3%. Experts expressed caution, advising investors to be watchful, as the Nasdaq and the S&P 500 had already lost 3.2% in the previous two trading days despite the Federal Reserve’s decision to hold interest rates. This decline follows a similar trend in US stock indices, which tumbled on fears of a recession due to weak economic data released last week.
Meanwhile, Bangladesh witnessed a wave of protests that resulted in Prime Minister Sheikh Hasina resigning and fleeing the country. Protesters set fire to several key locations in Dhaka, including Bangabandhu Bhaban, the Bangabandhu Memorial Museum. They also ransacked Sheikh Hasina’s family’s ancestral home-turned-museum, where her father was assassinated, as well as the house of the country’s chief justice and her previous personal home. Sheikh Hasina, Bangladesh’s longest-serving prime minister, stepped down after 15 years in office, marking a tumultuous end to her rule.
In other news, Gautam Adani, India’s second richest man, revealed his retirement and business succession plans in an interview with Bloomberg. Adani, who currently holds the second position on Bloomberg’s Billionaire Index after Mukesh Ambani, plans to step down from the business at the age of 70. He outlined his succession plan, naming his sons, Karan and Jeet, and nephews, Pranav and Sagar, as the next generation of leaders.
On the sports front, India’s Lakshya Sen put up an impressive display at the Badminton Paris Olympics 2024 but ultimately fell short, losing the bronze medal to Malaysian shuttler Lee Zii Jia. Despite winning the first set, Sen lost the second and, although he fought back in the third, ultimately lost by 10 points.
Finally, the initial public offering (IPO) of Akums Drugs and Pharmaceuticals is scheduled to list tomorrow, Tuesday, August 6. The allocation of shares was finalized on Friday, August 2, and shares will be credited to demat accounts today, Monday, August 5. Refunds for those who did not receive shares will also be completed today.
