The Mint Report for 08 December 2010

The Mint Report for 08 December 2010

CBI officials swooped down on the former telecom minister’s home in Delhi, early Wednesday morning. They also searched his Tamil Nadu home and the residences of four others, including former telecom officials. Raja himself could be spotted within the premises of his Delhi home. He was casually dressed and talking to people.

All in all, 11 CBI teams raided 14 locations in Delhi and Tamil Nadu. Later in the day, a CBI spkesperson said the raids were still going on and that incriminating documents had been found.

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And in other news, there may be some consolation for travelers reeling from high priced plane tickets. The Federation of Indian Airlines says member carriers will publish their airfares on their respective Web sites. FIA members include Air India, GoAir, Kingfisher Airlines, Jet Airways and SpiceJet. India’s airlines are under pressure from the government over increasing ticket prices. Wednesday’s move will allow them to continue offering a wide range of fares. Last month, aviation minister Praful Patel warned airlines to reduce charges or face action. But carriers argued their higher fares were prompted by an increase in demand.

And finally, Indian markets plunged on Wednesday partly because of the CBI raids. The Sensex fell 238 points to 19,696. And the Nifty lost 73 to finish at 5,904.