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APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 33 NO. 169, 16 PAGES, `12.00 (NORTH EAST STATES & ANDAMAN `12.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E Continued on Page 13 Markets will be closed today for Lok Sabha elections in Mumbai 2024 5.2 2019 2.4 15.1 2014 2009 1999 2004 -16.5 Source: BSE addedfuelto the fire.Otherfactorsweighing on the market include the geopolitical crisis in the Middle East and the comeback of China as an investment destination. Given these factors, and valuations of the Indian market being among the highest globally, investors, particularly foreign portfolio investors (FPIs), have decided to take some money off the table. Continued on Page 13 up 61% on ayear-on-yearbasis,followed by 19,158 units inApril,which was 75% higher than the same month last year. Vivek Srivatsa,chief commercial officer,Tata PassengerElectric Mobility,told FE that the Punch pioneered into the sweet spot of the sub-compact SUV segment and carved a niche for itself by democratising SUV attributes. “With a no-compromise design,com- 54,628 Ertiga Nexon Fronx 48,357 58,583 56,803 Scorpio TATA MOTOR' SUB-COMPACT SUV Punch – smaller than the normally sub-4metreSUVs–isracingfast.During the January-April period, it has emerged as the largest selling vehicle, with cumulative sales totalling 73,121 units. It has beaten Maruti's Wagon R (71,386 units), Baleno (66,784 units), Dzire (64,329 units) and Brezza (62,795 units). Maruti'sSwift–whichwasthe largest selling car in 2023 at 203,469 units – was a distant 11th during January-April 2024 at just 48,357 units. Not only this, in two of these four months,March andApril,it has emerged as the highest selling vehicle. In March, its sales stood at 17,547 units,whichwas Dzire VIKRAM CHAUDHARY New Delhi, May 19 Swift 60,393 59,302 64,329 62,795 Brezza 71,386 66,784 Baleno CUMULATIVE SALES -JANUARY-APRIL 2024 Wagon R 48.1 33.7 Return (between January 1 and May 18, in %) 6.8 A HELICOPTER CARRYING Iranian president Ebrahim Raisi and his foreign ministercrashed on Sunday as it was crossing mountain terrain in heavy fog on the wayback from a visit to the border with Azerbaijan, an Iranian official told Reuters. The official said the lives of Raisi and foreign minister Hossein Amirabdollahian were "at risk following the helicopter crash". "We are still hopeful but information coming from the crash site isveryconcerning,"said the official, speaking on condition of anonymity. The bad weather was complicating rescue efforts, the state news agency IRNA reported. 1998 REUTERS Dubai, May 19 22.0 Iranian President Ebrahim Raisi (left) and foreign minister Hossein Amirabdollahian THE COMPARATIVELY LOWER voter turnout in the first four phases of the Lok Sabha elections has become a hot topic in political campaigns,butit’sthestockmarketsthatarefeeling the heat. Both the key benchmark indices – Sensex and Nifty – have risen barely 2.4% and 3.5% respectively till last weekend (May 18) – the worst performance since the 2004 elections. But forthe gains in the last fewsessions,the situationwouldhavebeenfarworse.The IndiaVIX – the measure of volatility – is up 40% to 20.5. Interestingly, except in the 2004 elections, when the benchmark indices were trading in the negative in the aftermath of the Iraq war, the first few months in the run-up to all other Lok Sabha elections has usually been stock investor-friendly. Sample this: Since 1996,indices have given double-digit returns fourtimes during the January-May(18th)period.Therehavebeensingledigit returns thrice.The 2004 electionswas the only blip when indices fell 16%. “The previous three (Lok Sabha) election years happened after a relativelyweak time for markets.This is one of the first elections after a bumperyear.So,theoddsarestackedagainstit,” said Pramod Gubbi, founder of Marcellus Investment Managers. Experts,however,feel theworstmaybe over. Boosted by the increase in voter turnout in the fourth phase on May 13, the gap is narrowing, with overall turnout touching 66.95%. In 2019, when the Bharatiya Janata Party earned a spectacularvictory,the turnout was 67.4%. There are other factors too that are keeping markets on the edge. The uncertainty over the US Federal Reserve’s action on rate cut has D-ST FEELS THE HEAT 1996 VIVEK KUMAR M Mumbai, May 19 Sub-compact SUV trumps the big boys in Jan-April sales 73,121 Worst poll jitters for markets since 2004 How Punch found the sweet spot Punch Chopper with VOLATILITY INDEX UP 40% Iran president, minister on board crashes Creta KOLKATA, MONDAY, MAY 20, 2024 fort, and a proven SUV capability, the Punchhasbecomeacomprehensiveoffering for existing and first-time buyers,”he said. “It provides customers with the much-loved SUV stance, SUV-like commanddrivingposition,spaciousinteriors, and is the safest carin the segmentwith a G-NCAP5-starrating,”Srivatsa added. Continued on Page 13 Rajnish,Paitostepdown fromByju’sadvisoryrole Funds in kitty,Vi starts clearing Centre’s dues TROUBLED EDTECH firmByju’sonSundaysaidthatitstwoadvisoryboardmembers,RajnishKumarandMohandasPai,havedecided nottorenewtheircontractthisyear,reportsAneesHussain. The contract between the two advisory board members and Byju’sisslatedtoexpireattheendof June. The development comes at a time when the company is embroiled in several legal battles with its investors.As a result it has notbeenabletoaccess$200millionraised throughrightsissueinFebruary. “Ourengagementwiththecompanyas advisorswasalwaysonafixedtermbasisfora year.Basedonourdiscussionswiththefounders,itwasmutually decided that the tenure of the advisory council should not be extended. ■ Page 5 VODAFONE IDEAhas cleared its dues to the government till the December quarter,comprising revenue share, licence fee and spectrum usage charges, totalling around `1,000 crore,reports Jatin Grover.These are concurrent dues,which are notcoveredbythefour-yearmoratorium. Departmentoftelecommunicationssources saidthatthecompanynowneedstoclearthedues related to the January-March quarter, which is around`800crore.Thecompanyhaspaid10%ofthe amountandthebalanceneedstobecleared,officialssaid.Queries senttoVodafoneIdeadidnotelicitanyresponsetillthetimeofgoing tothepress.VodafoneIdea'stotaladjustedgrossrevenueduesarisingfromtheSupremeCourt2019orderstandsat`58,254crore. Ofthis,thecompanyhaspaid`7,854crore. ■ Page 4 Kolkata