Top headlines: Indian rupee plummets to all-time low; Sri Lankan PM resigns

India's government asks the Supreme Court not to invest time in examining the constitutional validity of the penal law on sedition.

India's Rupee fell to an all-time low and closed at 77.50 against the US Dollar. Sri Lankan Prime Minister Mahinda Rajapaksa resigned as an economic crisis deepens in the island nation. 

Sri Lanka PM Mahinda Rajapaksa resigns as economic crisis worsens
 

Sri Lanka's Prime Minister Mahinda Rajapaksa on Monday offered his resignation amid the island nation's worst economic crisis since independence that has led to widespread protests, a government official said. "The prime minister has sent his letter of resignation to the president," the official said, declining to be named, said Reuters. Read more

Rupee slumps 60 paise to close at all-time low of 77.50 against US Dollar
 

The rupee extended its losses and slumped 60 paise to close at a record low of 77.50 (provisional) against the US dollar on Monday, pressured by the strength of the American currency overseas and unabated foreign fund outflows. Forex traders said risk appetite has weakened amid mounting concerns about inflation that may trigger more aggressive rate hikes by global central banks. Read more

Indigo CEO offers regret after specially- abled child is barred from flight
 

IndiGo CEO on Monday offered his regrets on the incident that happened at the Ranchi airport on Saturday wherein a specially-abled child was barred from boarding his flight to Hyderabad as he was in a state of panic. Having reviewed all aspects of this incident, we as an organization are of the view that we made the best possible decision under difficult circumstances, he said in a statement. Read more

Govt says it will 're-examine, re-consider' sedition law, SC must not
 

The Centre Monday urged the Supreme Court not to invest time in examining the constitutional validity of the penal law on sedition saying it has decided to re-examine and re-consider the provision which can only be done before the competent forum.

A bench comprising Chief Justice N V Ramana and Justices Surya Kant and Hima Kohli on May 5 had said that it would hear arguments on May 10 on the legal question of whether the pleas challenging the colonial-era penal law on sedition be referred to a larger bench for reconsidering the 1962 verdict of a five-judge constitution bench in the Kedar Nath Singh case. Read more

Banks forgo bumper fees for managing LIC IPO to get league table rankings
 

Investment banks advising on the initial public offering of Life Insurance Corp. of India are forgoing large fees expected from the country’s biggest ever listing, and settling instead for glory in the league table rankings. The 10 advisers managing the IPO will receive around 10 million rupees ($129,000) each for their role in the offering, a fraction of what they’d typically pocket for a deal of this size. Read more