QBengaluru: 12 Dead as Heavy Rain Continues; Infosys Stocks Fall

1. Death Toll 12, 5K Houses Damaged as Heavy Rain Batters Karnataka

With heavy rain continuing to ravage many parts of Karnataka for the third consecutive day on Tuesday, seven more persons died, taking the toll to 12.

The situation may be grim for the next two days as the meteorological department has predicted moderate to heavy rainfall in south and north-interior parts of Karnataka.

Historical sites Hampi and Pattadakal were inundated due to heavy discharge from Tungabhadra dam in Hospet and Malaprabha dam in Savadatti of Belagavi district. Foreign tourists were seen wading in knee-deep water in Pattadakal.

(Source: The Times of India)

Also Read: Over 2,100 Dead in Monsoon Rains, Floods Across India

2. Infosys Stock Falls; Rs 53k cr Wiped out in one Session


The huge sell-off in Infosys stocks on Tuesday wiped out investor wealth worth over Rs 53,100 crore (over $7.5 billion). As the stock crashed over 16% on the back of a new whistleblower letter to its board of directors, alleging some smart, aggressive accounting practices by the top management, the market capitalisation of the IT major dipped from Rs 3.28 lakh crore to Rs 2.75 lakh crore on Friday.

Using the shareholding structure released by the company to BSE, data analysed by TOI showed that retail investors — who together hold about 5.2% of Infosys — were left poorer by nearly Rs 2,750 crore while the promoters, who hold 13.2%, lost almost Rs 7,000 crore.

Among the institutional investors, foreign funds with a combined holding of 33.5%, were poorer by Rs 17,700 crore while mutual funds, holding nearly 13%, lost nearly Rs 6,850 crore. Insurance companies lost Rs 5,200 crore, of which LIC, with a holding of 6.1%, accounted for Rs 3,200 crore.

(Source: The Times of India)

Also Read: Infosys Whistleblower Drama: Stocks Down, Damage Control Mode On

3. HC Restrains HAL Staff From Continuing Strike

HAL employees on strike. 

In a setback to employees of the public sector defence establishment Hindustan Aeronautics Ltd (HAL), the Karnataka High Court on Tuesday restrained the Hindustan Aeronautics Employees’ Association, its office-bearers and members/workmen from continuing their strike.

The order also restrained the workmen “from indulging in other forms of strikes, including go-slow, work-to-rule, or any other form of agitation, or disrupting day-to-day activities of HAL and its operating locations and at offices spread across different divisions/complex in Bengaluru.” The employees have been on strike since 14 October on the issue of wage revision.

(Source: The Hindu)

Also Read: Nearly 20,000 HAL Workmen Threaten Indefinite Strike Over Wages

4. Win for Environmentalists: Karnataka HC Halts Mysuru-Kodagu Rail Line

File photo of activists protesting the rail line. 

In a big win for environmentalists in Kodagu and conservationists from all over Karnataka, the Karnataka High Court on Tuesday asked the Indian Railways to seek environment related clearances before commissioning two rail projects in Kodagu.

The HC on Monday gave these directions as it was hearing a public interest litigation filed by Colonel Muthanna, president of the Coorg Wildlife Society and others. Disposing of the case, the High Court said the Railways cannot proceed since forest and wildlife clearances have not been obtained. Moreover, the Indian Railways have been asked to notify the petitioner when they apply for the clearances.

(Source: The News Minute)

Also Read: Karnataka's flood-hit Kodagu limping back to normalcy

5. Security Guard Arrested for Attempt to Rape and Murder

The Bagalur police have arrested a security guard of a residential apartment for allegedly attempting to rape a 35-year-old woman and trying to kill her when she resisted. The victim, an HR professional, was alone in her flat in Bidaranahalli in the wee hours of Sunday at the time.

The accused, Suman Deb, was later arrested and remanded in judicial custody. The police have charged him under outraging the modesty and attempt to murder.

The incident occurred when the victim, who had returned home late from work, went to her bedroom around 12 am. She noticed the security guard standing in the corner of the room waiting for her.

(Source: The Hindu)

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