Top News on August 7: Vinesh Phogat disqualified, 12,500 Dell employees fired, Bangladesh violence and more

Indian wrestler Vinesh Phogat was disqualified from the Paris Olympics on Wednesday while Dell laid off around 12,500 workers. Stock investors recouped ₹8.97 lakh crore as equity markets staged a sharp rebound on Wednesday. Meanwhile Bangladesh saw deadly clashes give way to preparation for a new interim government.

Vinesh Phogat disqualified
Indian athlete Vinesh Phogat was disqualified from the Paris Olympics on Wednesday morning — mere hours after she scripted history by becoming the first Indian woman wrestler to reach the gold medal bout in her category. Phogat had found herself around 100 grams above the weight limit despite working through the night to hit the 50 kg mark. The Wrestling Federation of India has since filed an appeal with United World Wrestling calling for reconsideration. The issue also become a topic of discussion in the Parliament with Opposition MPs staging a walkout and leading a protest.

Dell layoffs
The computer giant has announced a major reorganisation of its sales division which will impact around 10% of the company's workforce. According to reports approximately 12,500 employees are being laid off — primarily impacting managers and senior managers. Dell Technologies had previously fired around 10,000 workers in early 2023. .

Bangladesh violence
Former PM Sheikh Hasina is set to extend her stay in New Delhi as an interim government led by Muhammad Yunus prepares to take oath. The Nobel laureate urged people to “be calm and get ready to build the country” in a statement shared on Wednesday. The military is likely to remain involved with Army chief General Waker-Uz-Zaman voicing support for Yunus on Wednesday. Bangladesh is likely to hold elections "within a few" months. The streets of Bangladesh were also calm on Wednesday after a bloody agitation against against supporters of Hasina, police and minority communities in the days following her escape to India. 

Stock markets rebound
Stock investors recouped ₹8.97 lakh crore as equity markets staged a sharp rebound on Wednesday ending a three-day slump following a rally in global peers. The BSE benchmark Sensex jumped 874.94 points or 1.11 per cent to settle at 79,468.01. During the day, it soared 1,046.13 points or 1.33 per cent to 79,639.20.

(With inputs from agencies)