In a good news for Yes Bank investors, shares of troubled private lender surged after the management told analysts that a sale of the founders' stake in the lender was the reason behind the tumble in its stock price. In another major development, Pakistan Army Chief privately met top business leaders to find ways to bolster the economy. And former finance minister P Chidambaram moved Supreme Court seeking bail in the INX Media case.
Here are all the important stories of the day:
YES Bank surges 34% after 43% decline in one week
Shares of YES Bank surged 34 per cent to Rs 42.85 on the National Stock Exchange (NSE) after the bank assured investors of a stable financial position, and said that the entire pledged shares stand extinguished. "The financial and operating metrics remain intrinsically sound and stable, with liquidity position well in excess of regulatory requirements... With the invocation of shares, the entire pledge stands extinguished and all sale under the same duly completed," the bank said in a statement.
'Soft coup' warning as Pak army chief meets business leaders
Pakistan’s already powerful military is taking an even greater role in running the country as the economy stumbles. Army chief Qamar Javed Bajwa has privately met top business leaders to find ways to bolster the economy, according to people familiar with the matter. At the meetings, arranged through mutual contacts, Bajwa asked business leaders how to fix the economy and what would lead them to make investments.
Chidambaram's judicial custody extended
A Delhi court on Thursday extended till October 17 the judicial custody of former finance minister P Chidambaram in the INX Media corruption case. Meanwhile, Chidambaram moved the Supreme Court seeking bail in case. Senior advocate Kapil Sibal, representing Chidambaram, mentioned the matter for urgent listing before a bench headed by justice N V Ramana.
Manmohan agrees to lead Sikh pilgrims to Kartarpur
Punjab Chief Minister Amarinder Singh said on Thursday former prime minister Manmohan Singh had agreed to join the first all-party "jatha" (delegation) to the Kartarpur Sahib gurdwara to join the mega event after the opening of the Kartarpur Corridor. He said this after meeting with the former prime minister.
Amit Shah flags off Delhi-Katra Vande Bharat Express
Union Home Minister Amit Shah on Thursday flagged off the Delhi-Katra Vande Bharat Express from the New Delhi Railway Station and said it was a "big gift" for Jammu and Kashmir's development. Train number 22439 New Delhi-Katra Vande Bharat Express will depart from the New Delhi Railway Station at 6 am to reach Katra at 2 pm. En route, the train will halt at Ambala Cantt, Ludhiana and Jammu Tawi for two minutes each.