Wall Street stocks have fallen, dragged down by banks. The S&P 500 financial sector index has lost 2.2 per cent while the KBW regional banking index has tumbled 3.8 per cent, the media reported.
The Dow Jones has shed 254 points to 31,992, a 0.8 per cent drop while the S&P 500 is down nearly 20 points, or 0.5 per cent, at 3,942, and the Nasdaq is flat at 11,709, The Guardian reported.
Among big US banks, Goldman Sachs is down 1.9 per cent, Citigroup has lost 2.4 per cent and Wells Fargo is 2.7 per cent lower as fears of a full-blown banking crisis intensified, after SVB's parent filed for bankruptcy, The Guardian reported.
Shares in First Republic tumbled nearly 21 per cent in early trading, despite Thursday's $30 billion lifeline from major banks including JPMorgan Chase, whose shares have fallen 2.8 per cent so far on Friday, and Morgan Stanley (shares down 1.7 per cent).
The FTSE 100 in London is trading 56 points, or 0.8 per cent, lower at 7,353 while Germany's Dax has lost nearly 200 points, or 1.3 per cent, and the French market is down more than 100 points, or 1.45 per cent. The Italian borsa has slid 335 points, or 1.3 per cent.
Credit Suisse shares are now trading 9 per cent lower at 1.83 Swiss francs, after falling to 1.76 earlier. The Euro Stoxx Bank index has slid 2.2 per cent, The Guardian reported.
In the US, SVB Financial Group has filed for a court-supervised re-organisation under Chapter 11 bankruptcy protection to seek buyers for its assets, a week after its former division Silicon Valley Bank was taken over by US regulators.
The move comes after the company said on Monday that it planned to explore strategic alternatives for its businesses. SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing and the firm said it planned to push on with the process to evaluate alternatives for the businesses.
Banking shares fell more than 1.5 per cent in pre-market trading. Regional banks were hardest hit, with PacWest Bancorp and First Republic plunging between 10 per cent and 20 per cent, The Guardian reported.
Tripura Traffic Inspector held for Rs 74 Lakh embezzlement
Tripura Police on Wednesday arrested an Inspector of its traffic unit for allegedly embezzling Rs 74 lakh from the Bishalgarh Traffic Police Unit under Sepahijala District.
87 investors signed MoUs to invest Rs 3,700 crore in Tripura: CM Saha
Tripura Chief Minister Manik Saha on Tuesday said that 87 investors from different parts of the country signed Memorandums of Understanding (MoUs) promising to invest Rs 3,700 crore across different sectors, during the recent investors’ summit in Agartala.
Mizoram capital to come on Indian railway map within 5 months
Mizoram's Aizawl will be the fourth capital city in the northeast region to be joined by a railway link, and within five months, with the Bairabi-Sairang new line project at an advanced completion stage, officials said on Tuesday.
Assam Rifles seize drugs valued at Rs 15.4 crore, smuggler held
In a major blow to the drug cartel and the perpetrators of drug business, the Assam Rifles troops apprehended a drug peddler and seized heroin valued Rs 15.4 crore in Manipur, officials said on Tuesday.
Agartala Smart City Secures Rs 116 Crore for Solid Waste Management under CITIIS 2.0
The Agartala Smart City Limited has signed an agreement for a ₹116 crore project under the City Investments to Innovate, Integrate & Sustain 2.0 (CITIIS 2.0) initiative to enhance Integrated Solid Waste Management in the city.
New Rail link connecting Dharmanagar- Kailashahar soon: CM Manik Saha
Chief Minister Prof. Dr. Manik Saha today announced that the state would get another railway track connecting Dharmanagar in the North District to Kailashahar of Unakoti District. Additionally, the state’s tallest building, housing all directorates under one roof, will come up at Gurkhabasti, Agartala
Bikash holds meeting with returnees to address long standing issues
In a significant step towards rehabilitation and integration, Tripura Tribal Welfare Minister Bikash Debbarma on Tuesday held discussions with surrendered extremists from various insurgent groups. The meeting aimed to address long standing grievances and ensure the fulfillment of promises made to them.
One arrested in Khowai with cannabis worth over Rs 1 Lakh
Acting on a tip-off, personnel from Khowai Police Station intercepted a vehicle and discovered 62 packets of dried cannabis, weighing 49.5 kg, concealed in various compartments.