ED may fine Flipkart up to Rs 31,800 crore for alleged FDI violations
India Today
Flipkart may be fined up to Rs 31,800 by the Enforcement Directorate for allegedly violating FDI rules. However, Flipkart has claimed it has always complied with Indian laws including the FDI rules.
The Enforcement Directorate (ED) is likely to impose a penalty of up to Rs 31,800 crore on e-commerce giant Flipkart for violating Foreign Direct Investment (FDI) rules, sources said on Thursday. India Today TV has learnt that the financial probe agency had sent a show-cause notice under the Foreign Exchange Management Act (FEMA) to Flipkart and its senior officials on July 1 for violating the FDI rules.
As of 10:26 am on MCX, gold futures were trading at Rs 1,37,307, down Rs 7,185 or 4.97%. Silver futures were at Rs 2,13,600, down Rs 13,172 or 5.81%.
The stock has seen a steep decline recently. In just two sessions, the share price fell from around Rs 843 to Rs 781 on the NSE, marking a drop of over 7%. After closing at Rs 781 on Friday, the stock is now only Rs 11 above its 52-week low of Rs 770.
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The additional allocation will be subject to commercial establishments registering with oil companies and applying for a piped natural gas connection, according to a letter written by the oil secretary to states.
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The former RBI Govenor said a 15–20% global energy disruption would require sharp demand cuts, pushing oil to $150–$200 per barrel, risking severe economic stress if the conflict continues another month.
Venkataraman joined Flipkart in 2015 and has been part of the company's leadership team through a period of growth and restructuring. During his tenure, he helped strengthen the company's financial operations.
The gold rate today is around Rs 1.5 lakh per 10 grams for 24-carat gold, while 22-carat gold is near Rs 1.4 lakh, with prices edging higher after recent losses. Silver is also seeing a slight uptick after a volatile phase.