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Global tensions and market jitters dominated Monday’s headlines as the escalating West Asia crisis began weighing on India’s economy and politics. Prime Minister Narendra Modi’s appeal for austerity and restrained fuel consumption triggered a sharp Opposition attack, while the Centre moved quickly to reassure citizens that India has adequate crude oil, petrol, diesel and LPG stocks despite concerns over the Strait of Hormuz.
The uncertainty rattled financial markets, with the Sensex plunging over 1,300 points and nearly ₹6 lakh crore in investor wealth wiped out in a broad selloff. The rupee also came under pressure, while sources warned that fuel retailers could lose their entire FY26 profits if global oil prices remain elevated and retail prices stay unchanged.
Globally, crude prices rose after US President Donald Trump rejected Iran’s latest peace proposal. Trump is also set to meet Chinese President Xi Jinping later this week for talks expected to focus on Iran, Taiwan and artificial intelligence. Back home, Groww’s proposed ₹4,750 crore block deal is set to be closely watched amid heightened market volatility.
On the political front, Vijay began his tenure as Tamil Nadu Chief Minister with a major welfare announcement on free power, while West Bengal Chief Minister Suvendu Adhikari unveiled six key Cabinet decisions focused on border security, governance reforms and central schemes.
PM Modi’s austerity appeal sparks Opposition attack over foreign trips, poll rallies
Watch here: https://youtu.be/lWPWw6cVkbQ?si=NMQi15x8ltoDURPu
Prime Minister Narendra Modi’s austerity appeal has sparked a debate across India with the Opposition slamming the PM’s statements and calling out the government’s failure to mitigate the West Asia crisis and pointing out his roadshows, foreign travel and the timing of the appeal.
Don’t panic buy fuel, India has enough oil and LPG stocks: Government
Watch here: https://youtu.be/A0b0q0na95U?si=obVZjf3MnvgMyyU5
India has adequate stocks of crude oil, petrol, diesel and LPG, and there is no need for panic buying despite rising geopolitical tensions in West Asia and concerns over disruptions in the Strait of Hormuz, senior government officials said on Monday.
Fuel retailers could lose entire FY26 profit to shield consumers from oil shock: Sources
Oil marketing companies (OMCs) are likely to see losses ranging from ₹1 lakh crore to ₹1.20 lakh crore in Q1 FY27, potentially wiping out their entire profit for FY26, according to government sources. About half of the Q1 losses are attributed to LPG, reflecting significant under-recoveries as retail prices remain stable.
Sensex sinks 1,313 points as Titan, SBI drag markets; ₹6 lakh crore wiped out in selloff
Watch here: https://youtu.be/yhQ2B37QYIY?si=5CkNl4FTfU0MPR50
The equity benchmark indices closed sharply lower on Monday (May 11) with the Sensex falling more than 1,300 points and the Nifty slipping below the 23,850 mark amid broad-based selling across sectors.
Groww block deal worth up to ₹4,750 crore launched; Sequoia, YC among likely sellers
A block deal in Billionbrains Garage Ventures Ltd., the parent company of Groww, has been launched, CNBC-TV18 has learnt from sources familiar with the matter. The transaction has an offer floor price of ₹177 per share, implying an 8.5% discount to the stock’s previous closing price. The base deal size is pegged at around ₹4,750 crore, representing nearly 4.3% of the company’s total equity, with an option to upsize the offering further.
Crude oil prices rise after Trump rejects ‘unacceptable’ Iran peace offer
Crude oil prices rose in Asian trading on Monday, May 11, after US President Donald Trump rejected the latest peace proposal from Iran to end the war in West Asia, which will soon complete three months.
Trump and Xi to discuss Iran, Taiwan and AI in Beijing talks on May 14-15
Watch here: https://youtu.be/tyi-Q_l9kyk?si=duab5059jahgbjOU
US President Donald Trump and Chinese President Xi Jinping are set to discuss Iran, Taiwan, artificial intelligence and nuclear weapons as they weigh extending a critical minerals deal, according to US officials previewing Trump’s two-day visit to China this week.
From 48-hour weekly cap to mandatory rest day: What new Labour Codes rules say
Watch here: https://www.youtube.com/watch?v=M8WZXviWpN4
The government has fully operationalised the four Labour Codes after notifying the final set of rules in the official gazette, bringing changes that include a 48-hour weekly work cap, mandatory weekly rest day provisions, and overtime norms, according to a PTI report.
Tamil Nadu CM Vijay clears 200 units of free power in first official move
Watch here: https://youtu.be/chv_B7burEg?si=8AA8KzBWdi6yuS8I
C Joseph Vijay was sworn-in as the Tamil Nadu Chief Minister on Sunday in a colourful ceremony attended by top Congress leader Rahul Gandhi, ushering in the first non-DMK, non-AIADMK government in the southern state in 60 years with promise of transparent governance and an assertion that he will be the sole power centre in the state.
West Bengal CM Suvendu Adhikari’s 6 big moves: From Bangladesh border fencing to BNS roll out
Watch here: https://www.youtube.com/watch?v=bARPj_bHxC0
West Bengal Chief Minister Suvendu Adhikari on Monday, May 11, announced six major decisions during the first Cabinet meeting of the new Bharatiya Janata Party (BJP) government with border security, job recruitment and the implementation of central schemes emerging as key priorities.
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