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Investor wealth in India declined by over Rs 13 lakh crore as stock markets crashed following sweeping tariff announcements by United States President Donald Trump. This was one of the worst stock market falls in the country in the past 10 months.

The Bombay Stock Exchange Sensex ended the day at 73,137.90, down 2,226.79 points, while the National Stock Exchange Nifty50 closed at 22,161.60, losing 742.85 points.

Tata Steel was down by 7.73% on the BSE Sensex, while shares of Larsen & Toubro were down by 5.78% at the close of the day’s trading.

From the Nifty50 grouping, the top losers were Trent (14.70%), JSW Steel (7.53%) and Tata Steel (7.26%).

Earlier this month, Trump announced a 10% minimum tariff on most goods imported into the United States. Besides, Washington DC said that it was imposing reciprocal tariffs on dozens of countries, including a 26% “discounted” levy on India. Read more.

The price of a 14.2-kg LPG cylinder has been increased by Rs 50 for all consumers, including those under the Pradhan Mantri Ujjwala Yojana, Union Oil Minister Hardeep Singh Puri said on Monday. Regular users will now pay Rs 853, while Ujjwala beneficiaries will pay Rs 553.

The revision will be reviewed every 15 days based on international trends, the minister added. The Congress criticised the move, with party chief Mallikarjun Kharge accusing the Centre of “looting” and “fraud”.

The Pradhan Mantri Ujjwala Yojana, launched in 2016, aims to provide rural households with access to clean cooking fuel. Meanwhile, the Centre also raised excise duty on petrol and diesel by Rs 2, though this will not affect retail prices. Read on.

Bharatiya Janata Party MP Jyotirmay Singh Mahato has written to Chief Justice Sanjiv Khanna, action against West Bengal Chief Minister Mamata Banerjee for allegedly undermining judicial authority. Mahato objected to remarks by the West Bengal chief minister about a Supreme Court order upholding the termination of about 25,000 teachers and non-teaching staff members in the wake of bribery allegations.

The BJP MP said that Banerjee, instead of upholding the Supreme Court verdict, “chose to criticise the judiciary in a press conference held at the state secretariat, flanked by senior IAS officers”.

Earlier on Monday, Banerjee said she would do everything possible to restore the dignity of those who lost their jobs in the state.

“Please don’t consider that we have accepted it [the order],” she told a section of teachers affected by the order. Read more.

A mob in Manipur’s Thoubal district allegedly set a Bharatiya Janata Party leader’s home ablaze after he supported the Waqf Amendment Bill in a social media post. The district magistrate issued orders prohibiting public gatherings following a report by the superintendent of police.

On Saturday, Mohammed Asker Ali, the president of the state BJP Minority Morcha, said that politics should not be played over the Waqf Amendment Bill, and the legislation should be supported. A day later, a mob of around 7,000 persons, armed with sticks and stones, stormed into Ali’s home in Lilong Sambrukhong Mamei in the district and set it ablaze.

The 2024 Waqf Amendment Bill was passed in the Rajya Sabha on Friday, and in the Lok Sabha on Thursday. President Droupadi Murmu gave her assent to the bill on Saturday, turning it into a law.

The law amends 44 sections of the 1995 Waqf Act, including allowing non-Muslims on waqf boards, restricting property donations and changing how waqf tribunals function. Read more.

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