The Mint Report for 26 September 2011

The Mint Report for 26 September 2011

The CBI has said it’s going to register a criminal case against former telecom minister Dayanidhi Maran. The case will pertain to the sale of Aircel to the Malaysia-based Maxis group. The CBI is also going to kick off a preliminary inquiry against Maran in the BSNL case. Maran is alleged to have used BSNL to lay cables connecting his home to the offices of Sun TV, which is controlled by his brother.

Industry regulator DGCA wants to make the rules for airfares stricter. Mint has learnt it will establish new rules that will include time periods for refunds and require explanations for sudden increases in prices. It will also require disclosures of other charges like airport expenses at the time of purchase. The rules are likely to be implemented once the aviation ministry approves them. If they come into effect, airlines won’t be able to hike airfares during festive seasons or cricket tournaments which are times in which traffic goes up.

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Indian markets lost ground for a fourth day in a row, with poor global sentiment and falling commodity prices pulling down stocks. The Sensex tumbled 110.96 points to 16051.10 and the Nifty fell 32.35 to 4835.40

A drop in the prices of non-ferrous metals sent shares of aluminum and copper producers downwards. Hindalco ended the day 3.8% lower on the BSE at 129.05. Sterlite Industries fell 4.4% to 117.30

Other losers on Monday included mining and hydrocarbons firms. RIL went down 1.5% to 759.20 and Coal India plunged 5.46% to 346.20.