Stories from Mumbai · India

The Indian government has implemented a reduction in export duties on diesel and aviation fuel effective today. According to a Ministry of Finance statement, the diesel export duty has been cut to 23 rupees per liter.

The Sensex index dropped over 100 points during trading, while the Nifty 50 fell below the 25,800 level. IT stocks led the downward movement in the market.

The National Asset Reconstruction Company Limited (NARCL) recovered 43,500 crore rupees during the current year. This amount represents approximately 70 percent of the company's total recoveries. The ministry stated that NARCL's recovery efforts saw progress over the past year.

The Bombay High Court has thrown out a First Information Report (FIR) filed against Shekhar Suman and Bharati Singh.

Foreign investors have pulled more than $20 billion from Indian equities during the first four months of the year. The Reserve Bank of India may intervene to support the market, though the bank will not defend any specific level.

The Reserve Bank of India's short dollar book has surpassed the $100 billion mark for the first time.

The Ayushman Bharat scheme, launched by the Indian government in 2018, provides comprehensive healthcare services. The initiative includes primary, secondary, and tertiary levels of medical care.

Listed companies in India recorded a 14.7% increase in net profit during the third quarter of fiscal year 2026. This represents the fastest growth rate for corporate earnings in two years.

The Indian rupee has fallen to a record low against the US dollar. Rebecca Bunden reported on the factors driving the currency's decline from Mumbai. The movement is linked to broader regional instability. Pressure on the currency is driven by India's heavy dependence on energy imports, requiring the sale of rupees to purchase oil and US dollars. Additionally, a hawkish tone from the US Federal Reserve has weighed on the rupee. While the Federal Reserve held interest rates steady at its latest meeting, it signaled that rates could remain higher for longer, increasing the attractiveness of US assets. The central bank has attempted to curb speculative activity by capping banks' net open rupee positions. Foreign investors have withdrawn more than 20 billion from the market. Speculation suggests the RBI may need further interventions to support the currency.

The state of Maharashtra will develop AI cities across five innovation areas. Initiatives include the establishment of a state AI Data Exchange and the Maharashtra Advanced Center for Artificial Intelligence training.