News Wrap: Cryptocurrencies And Its Bloodbath; Delhivery IPO Subscription; PNB Plunges By 13%; Ford To Stop EV Production In India
May 12, 2022
Sensex and Nifty 50 are bearish today!
BSE Sensex is down by 1,158.08 points (-2.14%), a closing price of 52,930.31
Nifty 50 plunged by almost 359.10 points (-2.22%), closing price landed at 15,808.
Bank Nifty dropped by 1,161.00 points (-3.35%), a closing price of 33,532.15
All the sectoral indices landed on the bearish side with the Nifty Auto, Realty and Metal ranging between 2 - 3%
BSE midcap and smallcap indices both plunged by 2.24% and 1.96% each.
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Cryptocurrencies Facing A Massive Massacre
When global indices like Dow, Nikkei, FTSE, Nifty and many more are facing a brutal bloodbath in today’s economy, cryptocurrencies were no exception to it. The global cryptocurrency market dropped its market cap by 16.8% in just one single day.
Today, the global cryptocurrency market worth was $1.14 trillion, with major cryptocurrencies such as Bitcoin, Ethereum, and Solana hitting fresh lows in months. Bitcoin’s price today made a new low by breaking 16 months low. Apart from Bitcoin, other cryptocurrencies like Terra (Luna) and Cardano are too experiencing major market crashes.
Due to continuous geopolitical tensions and rising inflation rates, investors have been hesitant to invest in digital assets, resulting in a cryptocurrency market meltdown.
Delhivery IPO’s Total Subscription At 23%
On the second day of bidding, the logistics services firm Delhivery's initial public offering received a 23% subscription against an IPO size of 6.25 crore shares.
The business has received Rs 2,346.7 crore from 64 anchor investors including Baillie Gifford Pacific Fund, Schorder International, AIA Singapore, Amansa Holdings, Aberdeen, Goldman Sachs, and Singapore. The offer size has decreased from 10.75 crore shares to 6.25 crore shares.
Employees bid for 10% of the shares designated for them, while retail investors offered 37% of the shares reserved for them. The business has set aside Rs 20 crore in shares for staff, who will get them at a discount of Rs 25 off the final offer price.
More To Know:
Punjab National Bank's stock dropped sharply by 13% after the company revealed dismal Q4FY22 results.
SoftBank, the Japanese investment powerhouse, posted a significant net loss of 1.708 trillion yen ($13.14 billion) for the fiscal year ended March 31, stating it would have to decrease startup financing by more than half this year.
Toyota has announced that more production lines at its Japanese facilities would be shut down this month owing to the coronavirus lockdown in Shanghai.
Ethereum, the world's second-largest cryptocurrency, has lost 20% of its value in the previous 24 hours.
Ford Motor Company (F.N) announced on Thursday that it has abandoned ambitions to produce electric cars (EVs) in India for export, while it investigates possibilities for its two plants in the country that ceased operations last year.
Tata Sons have named Campbell Wilson as the next Chief Executive Officer (CEO) and Managing Director (MD) of Air India.