Spot-Fixing Scandal
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Mumbai Police apprehended Gurunath Meiyappan, a key official of the Indian Premier League's (IPL) Chennai franchise, late on Friday in connection with a spot-fixing scandal that has also led to the arrest of three cricketers. Full Article
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MARKET EYE-Indian shares fall; ICICI bank slips
* The BSE index and the 50-share NSE index fall 0.4 percent each. * ICICI Bank Ltd shares fall 1.3 percent, after earlier hitting its highest since Nov. 16, 2010, on profit-taking after the private sector bank posted a forecast-beating 30.2 percent rise in third quarter net profit. * ICICI bank shares have risen 6.5 percent this month as of Wednesday's close on hopes of rate cut and better earnings. * However, state-owned banks, which have cheaper valuations than private sector peers, rally after reporting improved asset quality in the October-December quarter. * Punjab National Bank shares gain 6.5 percent, while Union Bank of India shares are up 5 percent after their earnings results. (manoj.dharra@thomsonreuters.com; manoj.dharra.thomsonreuters.com@reuters.net)
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