Jindal Steel & Power Ltd., India’s third-largest steelmaker by value, headed for the biggest decline in 5 1/2 years in Mumbai as the nation’s top investigating agency registered a case related to allocation of coal blocks against the company and its owner Naveen Jindal.
India’s main opposition party stepped up pressure on Prime Minister Manmohan Singh to resign, with protests outside his home after he sought to end a political crisis by firing two ministers over graft allegations.
Indian Prime Minister Manmohan Singh’s latest skirmish with corruption risks setting back efforts to spur growth, worsening a legislative logjam under a government set to pass the fewest bills ever in a full term.
India’s Supreme Court rebuked federal investigators for allowing the government to vet the findings of a probe into alleged corruption in the award of coal blocks, setting off parliament protests and demands for the resignation of Prime Minister Manmohan Singh.
Indian Railway Minister Pawan Kumar Bansal denied wrongdoing after the Central Bureau of Investigation arrested six people for corruption, including rail officials and a relative of the minister, the Press Trust of India reported.
India’s parliament ended its budget session two days before schedule as clashes between opposition parties and the government stalled legislation including a bill meant to expand a program to feed the poor.
India’s federal investigation agency said today that government officials vetted its report on alleged graft in the allocation of coal blocks, kicking off opposition protests and demands for the resignation of Prime Minister Manmohan Singh.