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Representational picture

Two groups of people - one from Mumbai and the other from Solapur - met with accidents on Tuesday, while they were returning home after attending the three-day Tableeghi Ijtema in Aurangabad. Five people were injured in the first incident that took place on the Mumbai-Pune Expressway, while the second one on the Solapur Tujlapur road claimed five lives and left seven people injured.

Speaking about the first incident, Expressway control officer said, “The group was returning from Aurangabad in an Ertiga car when the incident took place around 4 pm. The driver dozed off and the car dashed into the divider. However, all the passengers were rescued in time and rushed to MGM Hospital.” According to the police, the injured have been identified as Afzhal Khan, 35, from Kharghar, Yayut Labeq, 45, from Kamote, Ansar Ali Shaikh, 41, from Chembur, Sajjan Shaikh, 45, and Safiq Shaikh, 18, from Nerul. The Lonavla police have registered a case in the matter.

In the second incident that took place on the Solapur Tuljapur road, the car in which the group was traveling collided head on with an SUV, leaving five passengers dead. Police said seven people were injured in the incident.

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Technology avoids obstacles by sensing air flow disruptions

A day after the plane crash at Ghatkopar, family members have now begun laying all five victims to rest, after identifying them with the help of their personal effects and teeth. On the other hand, their doubts and questions are yet to be put to rest, so they have now raised demands for a proper investigation of the mishap. Co-pilot Marya Zuberi was buried at the Shia Kabristan in Govandi's Rafi Nagar on Friday evening, while aircraft maintenance engineer Surabhi Gupta will be taken back to her native place for the last rites.

All five bodies were badly charred, so their DNA samples had been sent to the Kalina forensic laboratory for identification. However, the victims' kin did not want to wait too long, so they decided to go ahead with the last rites. Captain Pradip Rajput was identified by his bracelet, Gupta by her earrings, and Zuberi with the help of her engagement ring. Junior flight technician Manish Pandey's face was partially recognisable. Dr Hemlata Pandey, forensic odontologist from KEM hospital, reconfirmed the identity with the help of photographs where their teeth are visible. "In such cases, when everything turns to ashes, teeth remain intact," said Dr Pandey.

Prabhat and daughter Charvi. Pics/Suresh Karkera

'We want answers'
As Marya's husband and male family members lowered her body into the ground, her daughter Charvi as she wept outside the cemetery. Upon returning to their residence at Mira Road, her husband Prabhat Kathuriya told mid-day, "We are going to file an FIR." In a press statement titled 'Who Killed Marya?', Prabhat, a lawyer, said: "She left the house assuring me that she would return soon, as the weather conditions were clearly not right for a test flight of a small plane. She was sure that the commission to undertake such a flight would not be given."

We know that the aircraft was well beyond its prime. We know it was more than 20 years old. We know it had already had an accident in 2009 and that the UP government chose to sell it rather than spend on its repairs. Considering all the above stated facts we, the family of Marya Zuberi, want answers. We want to know who exactly was at fault and who will bear the responsibility?"

He told this paper, "I am startled that the police haven't enquired about the crew's cell phones. A colleague told me that when she tried Marya's number at 2.30 pm (after the crash), it was ringing, but there was no response. That could reveal something." First pilot in family The family will remember Marya as a trailblazer. She was the first among them to become a pilot, after battling the stigma and restrictions often imposed on women in conservative society. "She was our brave child," said uncle Gauhar Raza.

Also Read: Ghatkopar plane crash: Neighbours of Mira Road co-pilot unable to believe she is no more

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At least five persons including a pedestrian were killed when a small chartered plane crashed in the thickly populated suburb of Ghatkopar in north-east Mumbai, officials said.

Eyewitnesses said the plane was seen hurtling down and crashed with a deafening roar before bursting into flames around 1.15 p.m. There were four people on board.

Rescue officials who rushed to the site said five bodies had been recovered from the crashed plane's wreckage. Out of five dead in chartered plane crash at under construction building in Ghatkopar charred bodies of 1 pilot, 1 female and 3 male have been recovered from the site. Some workers or pedestrians are also said to be dead, state BMC disaster cell.

A passerby in the vicinity of the crash was burnt fatally when some burning fuel from the aircraft fell on him, said an eyewitness who was among the first to reach the spot.

As per preliminary information, the aircraft was on a test flight and had taken off from the Juhu Airport minutes before it crashed.

The cause of the crash is not known. It occurred in an under construction building premises, averting what could have been a major disaster.

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With inputs from agencies

The Ghatkopar plane crash, which killed five, yesterday would have ended up becoming a mammoth disaster, considering it crashed in a densely populated residential area, had it not been for the pilot's presence of mind. Several residents from the area and eyewitnesses said the pilot did a good thing by ensuring the aircraft crashed at an under-construction site, avoiding the residential buildings in the vicinity.

Emergency response
The accident took place when the plane was about to land at Mumbai airport. The four onboard — pilot, co-pilot and maintenance engineers — and a passer-by on whom the wreckage fell have been identified as the deceased. Immediately after the incident, the fire brigade and police reached the spot, and within minutes pictures and videos of the crashed plane and a charred body near the crash site went viral on social media.

Afternoon happenings
mid-day spoke to residents from the area to find out what exactly happened, and most said it all started in the afternoon when they heard a deafening explosion, followed by thick smoke and a tree on fire. Locals said the situation would have been worse had the aircraft crashed on a residential building or the busy LBS Marg, which is adjacent, or the Versova-Andheri Ghatokpar Metro corridor, which, too, is just a few hundred metres away.

A paan shop owner from the area said, "I was sitting in my shop when I heard a loud noise. At first I thought a tyre of some truck busted, but then, a person from the MTNL lane came running to my shop and said a plane had crashed. "We should all be thankful to the pilot, as by crashing it at an under-construction site, he saved hundreds of lives."

Also Read: Mumbai: Chartered plane crashes in Ghatkopar; five killed

The eight-seater charter King C90 was on its first airworthiness test profile when it suddenly developed a major technical snag and crashed at an under-construction building in Ghatkopar West on Thursday afternoon. The aircraft was owned by the UP government and after it was involved in an accident some time ago, it was bought by UY Aviation (Pvt) Ltd, a three-year-old company, which rents out aircraft to ferry patients from all over the country, an insider told mid-day. The company had got the King C90 repaired by Indamer Aviation Private Ltd and, on Thursday, it was being taken on its first test flight.

"Around 1.08 pm, the ATC towers at Mumbai and Juhu both lost contact with the pilot and suddenly an SOS alert was sent out by the Air Traffic Control. Finally, it was learnt that the plane had crashed," said Juhu Aerodrome Director Ashok Kumar Verma. Verma said the aircraft took off from the Juhu runway a little after 12.20 pm as per ATC Juhu records. Pilot, Captain Pradeep Rajput, and co-pilot, Maria Zuberi (who had joined UY Aviation barely a month ago), were in constant touch with the Juhu ATC and later with the Mumbai main ATC as it passed through their radar. The charter was barely a mile from Juhu aerodrome, on its way back after completing the test flight, when it crashed. When asked if the aircraft was on a wrong flying line, as usually passenger flights pass through the airway used by the charter, Verma replied in the negative, stating that there was no air space violation and that the charter was on its own scheduled air space."

The investigating team from the Aircraft Accident Investigation Bureau (AAIB) will be recording the statements of the ATC officers who were in dialogue with the pilots of the charter, which will be compared with the black box that has been recovered. Speaking to mid-day soon after landing in Mumbai from Delhi on Thursday evening, Captain Vinod MRSK, a former air force pilot, who is the Chief of Flight Safety at UY Aviation (Pvt) Ltd, clarified that the charter was still with Indamer Aviation Private Ltd (an aviation repair and maintenance organisation), and two of their engineers Manish Pandey and Surbhi, along with Rajput and Zuberi were to conduct the airworthiness test profile and had obtained necessary permissions from DGCA.

"The air profile testing was crucial as only then could UY Aviation have approached DGCA to complete other formalities to officially take the charter into its inventory. The charter was flying on a Non-Scheduled Operator's Permit (NSOP) for testing. At present UY Aviation has four charters, two in Mumbai and two in Delhi, and this eight-seater King C90, would have made it to its inventory in Mumbai," the insider said. Captain Vinod said, "I am here to assist Aircraft Accident Investigation Bureau (AAIB) team under DGCA to understand the circumstances under which the accident happened. It is learnt that the crew was insured."

Also Read: Ghatkopar plane crash: Pilot's presence of mind saves hundreds

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Captain Maria Zuberi was at the controls along with Captain P S Rajput, the pilot, with an engineer, identified as Surbhi, and a technician, identified as Manish, onboard when the chartered plane crashed.

One of the deceased brought into Rajawadi Hospital in Ghatkopar

When mid-day reached Zuberi's home in Mira Road, there was no one at home and the area wore a sombre look. Ivy Sarkar, a neighbour, said, "I can't believe she is no more. She was a wonderful woman, always ready with a helping hand. She had thrown a party at her home recently after her 17-year-old daughter cleared her HSC exams with excellent marks. "I am incredibly proud of her for using her presence of mind and manoeuvering the plane away from residential buildings, saving so many lives. I salute her."

The bungalow in Mira Road where Maria Zuberi staye

Zuberi stayed with her husband Prabhat Kasturia and daughter Charvi. Kasturia had messaged her around 1 pm for her whereabouts, but got no reply. Then he saw the crash on TV. He told the media, "My wife, along with Rajput, had earlier informed the company that the weather was not right for flying. The company insisted on the test flight." 

Her domestic help, Aarti Waghmare. Pics/Atul Kamble, Hanif Patel

The domestic help who worked at Zuberi's home, Aarti Waghmare, said, "I have been working there for three months now. Her husband is an advocate, who is in Delhi most of the time. She always addressed and spoke to me like a friend, never made me feel like a servant. I am unable to come to terms with the fact that she is no more. I keep thinking she will be back home in some time."

Also Read: Ghatkopar plane crash: Pilot's presence of mind saves hundreds

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It was a case of so near and yet not near enough for people at the disaster venue, a day after a plane crash shook the eastern suburb of Ghatkopar. An MTNL building at the mouth of this lane gives it its name — MTNL Galli. But now it has been temporarily rechristened as the 'plane crash galli' by the stream of curious visitors that poured in last afternoon.

A cop at the now-barricaded scene good-naturedly asked people to "get into a line and I will allow you to peek through the barricades. Only one minute per person," he grinned. Overhead, planes seemed to skim the buildings. "One day after the crash, every plane we see sends a jolt of fear through us," said someone, as Kalyan resident Jitendra Jaiswal, who works in Ghatkopar, made his way to the crash site. Jaiswal explained, "I keep coming back here, wondering how this could happen. There is still a sense of disbelief." Shakhawat Khan and Dinesh Yadav, both drivers (the latter drives a rickshaw), said, "The sound keeps echoing in our ears. We were eating snacks at a nearby restaurant and heard at least two-three blasts. The sound literally blew us off our chairs."

Policemen keep curious crowds at bay at the crash site. Pic/Sameer Markande

Thank God
A resident ambled to the site to see the progress of the clean-up. "I was in the car with my son at the wheel when we heard at least three blasts. Shaken, my son parked the car a few metres from this site. Everything was covered in black smoke. The smell of that smoke still lingers in my nostrils. No disrespect to the dead, but I cannot stop thanking God for sparing me," finished Pravin Shah.

Wing clip
Conversations in Gujarati dominated as one walked down the lane. Ankita Shah who lives nearby said, "I will never forget the thick, black smoke rising into the sky. It's my most enduring memory of this disaster." A number of people who claimed they witnessed the crash, insisted they saw the wing of the plane clip the pedestrian who died. A woman said dramatically, while others concurred, "one second the wing had clipped him and the next a charred body lay on the ground. It was the man," she stressed, while others agreed that they too saw a "wing clip the man. It was a wing," they shouted as some onlookers snorted in disbelief. Through the drama, an idli seller arrived putting down his wares and joining the queue to peer through the barricades. People shouted "idli, idli" while the cops shooed him off.

Mother-daughter duo of Naina (right) and Tanisha Gala point to an aircraft above them. Pics/Sameer Markande

Terrifying images
Naina Gala, MTNL lane resident, said, "I witnessed the blast and last night, the terrifying images — burnt bodies, fire, smoke and the wreckage came back to haunt me." Her daughter Tanisha said there were tons of questions from her classmates. Naina added, "I feel the pain of the pilots, the crew. They knew they were going to die, they sacrificed their lives to save all of us." Naina and Tanisha said the fire brigade, police and everyone was at the site within minutes. A local informed this reporter, "The birds in the sky were faster though. There were a huge number circling the crash site within minutes. They had smelt death in the air…" Yet another gent walked down the lane wearing a T-shirt with the prophetic lines: 'Your life is your story. Write well. Edit often'. As one exited the lane, one could not help thinking, this must rate as a very surprising twist in Ghatkopar's story.

5
No. of people dead in the plane crash

Pravin Shah (left) tells his story

Also Read: Ghatkopar plane crash: Doctors to use teeth to ID victims

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There's no doubt that the fifth victim of the Ghatkopar plane crash, architect Govind Dubey, 32, was in the place at the wrong time. But his family is not willing to accept mere bad luck as explanation for his death — they want to know whom to blame. After the family embarked on a sit-in at Rajawadi hospital, refusing to take Govind's body, MLA Jitendra Awhad assured them of compensation and investigation in the matter. With these assurances, the Dubeys finally claimed the body last evening.

Govind was merely passing by when the plane came hurtling down on him. He died on the spot with 100 per cent burns. Due to the extent of his injuries, he was identified only yesterday with the help of his half-burnt wallet. The last location update on his phone also confirms that he was at the spot. The architect hailed from Uttar Pradesh, from where his family has come to collect his body. To his brother's surprise, though, not a single government official has contacted them to assure compensation or action against the culprits.

Arvind Dubey, Govind's brother

“It has been over 24 hours since I lost my brother in the incident. It was my brother's bad luck that he at the spot when it happened. But isn't it the responsibility of the government to come forward to give us justice?” said Arvind Dubey, Govind's brother. He added, “We have decided to file a police complaint against the aircraft company for the accident. The government must conduct an inquiry and imprison the person at fault.”

MLAspeak
“The victim comes from an economically weaker section. Hence, I have requested Chief Minister Devendra Fadnavis to consider his case for compensation,” MLA Awhad told mid-day.

Also Read: Ghatkopar plane crash: Aircraft was 10 miles away when it went off radar

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The last recorded conversation between ATC Mumbai and the King C90 pilots that crashed in Ghatkopar on Thursday was 'We are breaking off, we will report to Juhu ATC'. The air space where the call was recorded was the spot for an official switchover from ATC Mumbai to ATC Juhu. ATC Juhu then tried to reach out to the pilots and when there was no reply, they waited for some time before alerting ATC Mumbai, who found the plane had gone off their radar. They quickly alerted all agencies concerned. Highly-placed officials attached to the ATC Juhu said, "The last conversation was recorded when the aircraft was in the air approximate 10 miles [16km] away from Juhu Aerodrome and almost preparing for landing. Therefore, as routine practice, from Mumbai ATC, the pilot was being switched over to Juhu ATC at the technical point [where the accident happened]."

Juhu Aerodrome Director Ashok Kumar Verma confirmed the same and said, "The charter plane took off as per the schedule and was in the air for nearly 47 minutes. It covered the air test route flying from Juhu airport and headed towards Surat airspace and after successfully completing the circuit was returning to Juhu aerodrome when it met with the accident."

The wreckage at the crash site. Pic/Sameer Markande

When asked if visibility was an issue at the time of take-off from Juhu Aerodrome, Verma replied in the negative, stating, "Visibility was over 2,000 feet. We have allowed charters and helicopters to take off and land even at a visibility of 1,000 feet."
When asked if the DGCA had issued any fresh guidelines post the accident on Thursday, the official replied in the negative.
Meanwhile, Captain MRSK Vinod, a former Indian Air force pilot, who is the Chief of Flight Safety at UY Aviation (Pvt) Ltd, arrived in Mumbai on Thursday night and visited the crash site at Ghatkopar along with two members from the Aviation Accident Investigation Bureau (AAIB). They inspected the site and collected some material for investigation purposes.

Technical snag to blame?
Captain Vinod said, "We have got the required evidence, and whatever was collected by the police and other rescue teams, including the black box, has already been handed over to the AAIB team. We have also taken photographs, videographs and have also recorded statements of witnesses." Aviation experts have hinted that the aircraft may have developed a sudden technical snag in its engine or as the plane was in Instrument Landing System (ILS) mode, which allows the aircraft to continue operations in low visibility, it might have developed an issue, due to which the pilot may have lost direction or both, which could have led to the accident. Charter planes fly at a height of 4,000 to 5,000 feet and there is no parachute on board for any emergency. Captain Vinod preferred not to comment on the reason for the accident, saying investigation was underway.

Were pilots reluctant to fly?
On the allegation by family members of the deceased pilots that they were reluctant to fly the plane because of poor visibility, Captain Vinod said, "We are professionals and must understand that a DGCA-Approved Maintenance Organisation has cleared the plane for testing, which is why the pilots agreed to fly. If they had refused, the testing would immediately have been aborted as per procedure." An officer at Ghatkopar police station said, "We have cordoned off the area. As far as investigations are concerned, we are only completing the paper work by recording statements and ensuring that the right claimant gets the body for the last rituals. We have no role in the investigation."

Also Read: Ghatkopar plane crash: Lunch turns into a lucky hunch for other labourers on site

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The balcony portion of a ground-plus-three storey residential building came crashing down amid the heavy downpour in Kurla West on Sunday afternoon.

Although the building had been declared dilapidated by the BMC, a few residents continued to stay in it. While it was evacuated immediately, and no one was hurt, the incident sparked panic in the vicinity.

Around 2 pm, the balcony portion of Bhushan Bhavan on New Hall Road collapsed. "We received a call at 2:45pm and rushed two engines there. The debris was cleared and the building evacuated by our officials," said an official from the Mumbai Fire Brigade.

"The building was constructed in 1958. Till today, 14 to 15 tenants were residing in the building. The city civil court had issued a stay till the Technical Advisory Committee's (TAC) decision. An undertaking had been taken by court from the occupiers that they will stay at their risk and that the BMC and police will not be held responsible for any untoward incident," said Ajit Kumar Ambi, L ward officer.

There was also a scare of an abandoned under construction building collapsing in Thane. The ground-plus-four structure is at Panama Quarters near Bhagwati School in Thane West. According to the Thane Fire Brigade, they received a call from locals about the building coming down. "The construction had stopped some years back. For now, we have put up a caution notice in the compound. The security guard there has told us that he has informed the owners and some action will be taken tomorrow," said an official from the Thane Fire Brigade.

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Sparks fly off Kimi Raikkonen's Ferrari (right) after he collides with teammate Sebastian Vettel's vehicle (left) in the Singapore Grand Prix yesterday. Raikkonen was eliminated immediately while Vettel retired later due to a damaged car. Pics/AFP

Sebastian Vettel pulled out a scorching lap in the dying stages of Saturday's qualifying session to seize pole position for the Singapore Grand Prix.

The Ferrari driver lapped the floodlit Marina Bay street circuit in one minute, 39.491 seconds, the fastest ever set around the 5-kilometer long track, in a dazzling display of speed.

Max Verstappen went second fastest and will start alongside Vettel on the front-row with his Red Bull teammate Daniel Ricciardo third.

A victorious Lewis Hamilton jumps off his Mercedes

Championship leader Lewis Hamilton, Vettel's title rival, was only fifth ahead of teammate Valtteri Bottas.

The Briton, seeing a hat-trick of wins this weekend, seized the championship lead with victory at the last race in Monza.

But starting on the third row, with the Red Bulls and Kimi Raikkonen's fourth-placed Ferrari between him and Vettel, Hamilton could well have to drive a race of damage limitation that could cost him his slim three-point advantage.

"I'm still full of adrenaline so maybe whatever I say doesn't make any sense," a breathless Vettel, who let out a loud whoop of joy over the team-radio, said immediately after qualifying.

"The car was tricky but it came alive and it was getting better and better as the night progressed, so really happy that we got it done."

Saturday's pole was the 49th of Vettel's career and an unprecedented fourth at Singapore.

It could prove to be an especially crucial one with seven of the last nine races in the city-state won by the pole-sitter.

But the German, who also has an unprecedented four wins at the twisty track, initially did not seem to have the pace to seize the top-spot.

Red Bull had topped the timesheets in every session over the weekend.

With Verstappen even topping the opening two parts of qualifying, the former champions had looked on course to score their first front row lockout since the United States Grand Prix in 2013.

But Vettel put it all on the line when it really mattered, vaulting to the top of the timesheets during the final 12-minute pole-position shootout.

Nico Hulkenberg was seventh for Renault ahead of Fernando Alonso and Stoffel Vandoorne, who put both McLaren's in the top-ten a day after the Woking-based squad agreed to swap Honda power for Renault.

Carlos Sainz, set to move to the works Renault team next year, rounded out the top ten for Toro Rosso.

Force India's Sergio Perez was 12th with teammate Esteban Ocon 14th.

Ahead of her first trip to India, biker Leslie Porterfield, the world's fastest woman on two wheels, relives her record, worst crash and the growing number of Indian women on the riding circuit

At 16, Texas-based Leslie Porterfield bought a Yamaha Virago 1000, her first motorcycle, as an inexpensive mode of transport. It arrived in a box, and most people told her she wouldn't be able to get it running. However, she bought a manual, sought the advice of local mechanics, and put it together.

Leslie Porterfield

In fact, Porterfield loved riding it so much that just a year later, she went on to buy a sports bike (Honda CBR600). This was in the early '90s. "That's when my interest in racing began," recalls the 41-year-old mother of twins. She holds the Guinness World Record for being the fastest woman in the world on a motorcycle, which she set in 2008 with a speed of 232.522mph at Bonneville Salt Flats in Utah, USA.

On November 24 and 25, Porterfield will be in Goa for the fifth edition of India Bike Week, a fest that will witness a gathering of over 20,000 bikers to celebrate all things riding. Here, she will host a motorcycle stand and present awards for various achievements. Excerpts from an email interview:

Tell us about your most interesting motorcycle journeys.
Motorcycles gave me a sense of freedom and connection with nature while riding. One of my favourite trips was to the Baja 1000 (off-road race in Mexico's Baja California Peninsula) in 2005. I was on a dirt bike for the first time, and realised how difficult the race is. I went through 20 miles of deep sand whoops and fell 20 times. I have never been so sore. Another one is from the time I was 17, when I rode for 1,500 miles from Dallas to Los Angeles. On my way back, I was tired. I was riding at about 120mph. Unfortunately, I passed a police car and didn't see it. They set up a roadblock on the highway. When I stopped, I realised there were four police cars behind me. They were mad after chasing me for so long. I was lucky; the officer let me go without a citation. This prompted me to hit the racetrack.

What challenges have you faced in your racing career?
During my first year [2007] in Land Speed Racing [at Bonneville Salt Flats, Utah], the salt was in poor condition - wet, sludgy and hard to get traction. My bike got into a speed wobble at over 200mph. I tried to save it, but ended up coming off the bike at over 100mph. It was the worst wreck I've been in. I was unconscious, with seven broken ribs and a punctured lung. Fortunately, I recovered and made a point of testing different set-ups for the bike. I didn't push myself to make runs when conditions were bad. Racing comes with risks, which I try to minimise.

How did you crack the world record in Utah in 2008?
I had to make an effort to not think about what could go wrong, and put the accident out of my mind. I focused solely on what I needed to do to achieve my record. To set a land speed record, you have to make two runs — one in each direction - holding your top speed for a mile. My bike's engine was hot and as I entered the measured mile at full throttle, it started to sound rough. By the end, I had set the record but blown my engine, and there was oil everywhere!

What's your take on Indian motorcycle culture?
It's fascinating. The selection of motorcycles is vast, and I love that more women in India are riding motorcycles now. When I started in the '90s, men dominated the speed and racing scene; it was difficult for women to break into it.

Is Mumbai part of your itinerary?
I hope to see it during my visit. It is such a diverse city with much history. I've wanted to visit India for some time. I can't wait to experience its architecture, art, culture and beauty. I love Indian food, but have tried it only in America.

What kind of bikes do you ride now?
I have a Honda CBR1000, and several classic bikes from the '60s. I enjoy restoring old bikes. They aren't very fast, but they are a lot of fun.

Tips
>> Invest in proper motorcycle gear.
>> Never quit learning. Take up rider courses. Even if you have no desire to race, a day on the track with guidance will make you a better and safer rider.

Indian stock markets collapsed in early trade today...and while there was some recovery towards the end, we still ended deep in the red.

Here are 10 points to note...

1. The Sensex nosedived as much as 1,460 points in the first few minutes of trade. The Nifty dropped to a low of 10,827, down 442 points intra-day. The markets however trimmed some of the losses during the course of the day.

   There was a selloff across sectors along with panic selling in the smaller indices too. The BSE Midcap and BSE Smallcap indices ended down 3.4% and 2.9% respectively.

2. The Reserve Bank of India's (RBI) decision to put Yes Bank under moratorium led to the biggest ever fall in share price of the private lender. Shares of Yes Bank fell as much as 85% to Rs 5.6 before recovering towards the end of the day to end at Rs 16.2, down 56%.

   The banking regulator has also put a cap on withdrawal at Rs 50,000 for Yes Bank customers.

   The RBI took over from the board of the Yes Bank for 30 days, saying it would work on a revival plan.

3. RBI's move had a ripple effect on other banking stocks, with some falling very sharply to begin with.

   Shares of RBL Bank fell as much as 15%, while IndusInd Bank and State Bank of India (SBI) dropped 7-8%.

4. The coronavirus cases outside of China have been increasing rapidly, making inroads into US, Europe and Middle East, which made investors more worried about global growth going ahead. And more recently, India too.

   Today, the number of cases breached the 100,000 mark.

   South Korea, Italy and Iran reported highest infected cases outside of China, while cases are increasing in United States and other parts of Europe as well.

   Note that market participants are seen taking a flight to safety as stock markets see a sharp fall post the coronavirus impact.

5. Overnight the US indices had recorded sharp losses. This was yet another negative cue awaiting Indian markets on open today.

   The Dow Jones Industrial Average fell 3.6%, while the S&P 500 lost 3.4%. The Nasdaq Composite dropped 3.1%.

   During the day, as the Asian markets opened, there was further negative news... Japan's Nikkei fell more than 3%, while Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi dropped over 2%.

6. Foreign investors (FIIs) are on a selling spree. Reportedly, in the last 14 sessions, FIIs have withdrawn a net Rs 183.4 billion from Indian markets. That's a lot of money...a lot more than the domestic mutual funds have been able to pump in. The intense selling pressure from the FIIs could only have contributed to this sell off.

7. The Indian rupee today slid past 74 levels against the US dollar, increasing the risk-off sentiment.

   The rupee today traded in a range of 73.69 to 74.08 against the US dollar as compared to the previous close of 73.31. A falling currency is not great news at all.

8. Even as there was negative news all around, hope emerged from oil. Oil slid on Friday as worries about demand for fuel being reduced by the global coronavirus outbreak were heightened. The fact that there was concern over non-OPEC (Organization of the Petroleum Exporting Countries) crude producers not yet having agreed to cut output further to support prices helped in the sell off.
9. With today's fall the Index has lost 9% since the start of 2020.
10. While the day ended deep in the red, some stocks stood out. Bajaj Auto, Maruti Suzuki and Asian Paints were among the few gainers.

Crude oil prices crashed more than 30% on Monday.

In fact, this was the worst price dip since the 1991 Gulf War as Brent prices plunged to US$ 31 per barrel.

Here are 10 key things you need to know about the economics of falling crude oil prices:

1. Oil prices have collapsed thrice because of demand destruction: in 1979, 2008, and 2014.

   1979: The trigger for oil price increase was the Iranian Revolution and the Iran-Iraq war. Due to this, oil prices rose from US$ 50/barrel to above US$ 100/barrel between January 1979 and April 1981. Then, new production from the North Sea, Mexico, Alaska, and Siberia flooded the market. By March 1986, prices had fallen to US$ 27/barrel.

   2008: Oil touched US$ 150/barrel and was quickly followed by the financial crisis and recession which led to crash in crude oil prices as well.

   2011-2014: Oil was above of US$ 100/barrel, several years of triple-digit oil prices led to a near doubling of shale production in the US, a volume that helped trigger the crash in 2014.

2. 2016: Saudi Arabia and Russia came together to form the so-called OPEC+ alliance after oil prices plunged to US$ 30 a barrel. Since then, the two leading exporters have orchestrated supply cuts of 2.1 million barrels per day.
3. 2019: Prices went on to witness huge volatility in 2019 amid declines in US inventories and rising geopolitical tensions in the Middle East and the world's two biggest oil consumers - United States and China.
4. July 2019: The OPEC and allies sat to discuss whether to extend a deal on cutting 1.2 million barrels per day of oil production. Owing to the above geopolitical tensions, weaker demand outlook, and oversupplied market, the OPEC and allies rolled over their production cuts into March 2020. Volatility intensified further in July after US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.
5. March 2020: Saudi Arabia wants to increase the cuts to 3.6 million barrels per day through 2020 to check the weaker consumption. However, Russian President Vladimir Putin, refused to go along with the plan and his energy minister, Alexander Novak signaled a fierce battle to come for market share when he said countries could produce as much as they please from April 1.
6. 9^th March 2020: Crude oil prices fell 31% on Monday after Saudi Arabia launched an oil price war with Russia. Saudi Arabia slashed prices and said it is preparing for a big increase in crude oil production in April. Prices were cut by US$ 4-6 a barrel to Asia and US$ 7 to the United States for April delivery. Saudi Arabia reportedly prepares to increase its crude production above 10 million barrels per day (bpd) in April, after the current deal to curb production expires at the end of March. A major reason for these production cuts is also to arrest the swooning oil prices owing to the novel Coronavirus outbreak.
7. Worse than the Previous Crashes: The current situation is more worse than the November 2014 crash, when such a price war was started, as it comes to a head with the significant collapse in oil demand due to the Coronavirus outbreak. It also reflects the deep underlying concern of a lack of consensus among the OPEC nations regarding production cuts.
8. Impact on Indian Economy: The drop in crude oil price bodes well for India as it imports more than 80% of its oil requirements, with nearly 60% of them imported from the Middle East. Since oil imports form a large chunk of India's imports, it contributes to the country's trade deficit and a fall in prices will trim this deficit. Savings on oil imports could also arrest rising inflation and facilitate the next round of rate cuts by the Reserve Bank of India (RBI).
9. Industries to Benefit: On an industrial level, the price cut will have a beneficial impact on companies from synthetic fibre producers, tyre, paints, lubricants, plastic, and FMCG sectors that depend on crude oil as their primary raw material.
10. On the consumer level, there could be a fall in retail prices of gasoline and diesel over the next few weeks as oil companies cut retail prices to pass on the decline in crude oil prices.

Going ahead, market participants are expecting crude oil prices to remain low until OPEC+ resets oil production again.

Vijay Bhambwani, editor of Weekly Cash Alerts at Equitymaster, states that at this point in time, short selling natural gas & crude oil at significantly higher levels for the coming summer are high conviction trades. To know more about his view and positions, you can check out his recent article here: Energy Markets Get Muddy (requires subscription).

He's also shared his views on the ongoing "coronavirus" situation where he talks what's around the corner for crude oil, and how one should position oneself for potential gains. You can check this special podcast episode from Investor Hour here:

Well, then...these are some major highlights crude oil markets witnessed in the past and present and how they have been impacting crude oil prices.

Stock markets around the world witnessed one of the most painful correction phases in the month of March 2020.

Indian stock markets too mirrored the trend.

Here are six charts showing how Indian financial markets performed in March 2020.

1. Record Wealth Destruction
   
   

   In the month of March 2020, the Sensex fell as much as 23%.

   It is not the month where the market has fallen the most. That honor goes to October 2008 where markets tanked 23.9%, beating the 23.1% the market lost last month by a whisker.

   However, March 2020 wins hands down in wealth destruction.

   Wealth destruction of Rs 4.4 lakh crores back in 2008 pales in comparison to the Rs 14.6 lakh crores worth of wealth destroyed on the Sensex in the last month alone.

   March 2020 the Second Worst Month in History

2. Huge Selling Pressure for Individual Stocks
   
   

   Except two, all the stocks in the BSE Sensex plunged in March 2020.

   The decline was mainly led by banking stocks and financial stocks.

   Stocks such as IndusInd Bank, Bajaj Finance, and Axis Bank fell as much as 40%-70%.

   Top BSE Gainers and Losers in March 2020

3. All Sectors in a Sea of Red
   
   

   Among sectors, all the BSE indices gave negative returns in March 2020.

   BSE Realty, BSE Bankex, BSE Finance, and BSE Auto Index fell more than 30%.

   It was a double whammy for banking and finance stocks that witnessed most of the brunt on the back of coronavirus outbreak and Yes bank crisis.

   Worst Hit Sectors in March 2020

4. Crude Oil Slumps Over 50%
   
   

   Crude oil crashed over 50% in March 2020.

   The fall was seen because of oversupply amid subdued demand.

   Oil prices crashed last month in what was the worst price dip since the 1991 Gulf War with Brent prices plunging to US$ 31 per barrel.

   Oil markets faced a double whammy from the coronavirus outbreak and a price war between Saudi Arabia and Russia after OPEC and other producers failed to agree on deeper cuts to support oil prices in early March.

   Shares of oil marketing companies such as Hindustan Petroleum Corporation (HPCL), Bharat Petroleum Corporation (BPCL), GAIL, ONGC, Indian Oil Corporation (IOC) and Indraprastha Gas were in focus in March amid record low crude oil prices.

   They witnessed buying interest and capped most losses led by the stock market crash.

   In his latest video, Ajit Dayal shares his views on the impact of the coronavirus crisis and the oil price war on the Indian economy and the stock market. You can view the same here.

   Crude Oil Continues Free Fall

5. Gold Prices Shine
   
   

   Base metals also remained under pressure as lockdown imposed in several parts of the world curbed demand, pushing stockpiles higher.

   However, gold prices rose 3% in March 2020 as demand for the safe haven asset rose with market participants bracing prolonged uncertainty in the wake of the novel coronavirus outbreak.

   To know more about gold, you can check one of Vijay Bhambwani's recent articles here: Is the Price of Gold About to Go Higher?

   Gold Witnesses Buying

6. Rupee Hits Record Low in March 2020
   
   

   Massive sell-off in equities and bonds led to a huge fall in rupee against the dollar in the month of March.

   The rupee hit a record low of 76.32 against dollar earlier this week.

   Most of the selling pressure for rupee was seen on the back of slump in equities and currencies globally. Investors were concerned that support measures from governments and central banks may be insufficient to halt the economic damage caused by the coronavirus pandemic.

   Rupee Continues Downtrend

So, that was a round-up on how Indian financial markets performed in the month of March 2020.

At times like these, while we must do everything we can to guard against the coronavirus, we must not ignore our money.

Our special report, How to Trade the Coronavirus Crash, will help you get a grip on the current market situation...and figure out ways to profit from it.

This is the most comprehensive report on how to trade the coronavirus, both from a short-term and long-term perspective. I strongly recommend you read it now. Claim your FREE copy here...

And rest assured, Equitymaster is with you all the way on this journey. To that end, we have decided to offer you two of our premium learning courses free!

From the comfort of your home, you can learn the basics of fundamental investing with Equitymaster Secrets and the ins and outs of making money using derivatives with Derivantage. Get started right away.

Happy Investing!

Most sectors in the Indian share markets have been drowning in a sea of red due to the crash led by coronavirus outbreak. The biggest blow, however, has been felt by the banking sector.

The sector was already reeling under pressure due multiple factors for quite some time. And things started getting worse since the start of 2020.

Here's a timeline showing some major events that happened in the Indian banking sector and led to the slowdown we are witnessing in the past few months...

1. Mounting Pile of Bad Loans: Indian banks have for years worked to beat down mounting piles of bad loans of the sort that led to the Yes Bank fallout. The ratio of gross non-performing assets (NPAs) at Indian banks rose to 11% in 2018 from about 2% in 2008, before starting to ease off.
2. IL&FS Crisis Kicks Off the Downward Spiral: Foreign institutional investors (FIIs) were heavily positioned in the Indian banking and financial space, and stocks in the sector witnessed maximum inflows during good times. However, they started noticing cracks with consistent negative performance in the banking and financial sector and started moving out of them. The downward spiral for these sectors began since IL&FS crisis camec out into the open.
3. Credit Quality Deteriorates: After being the most preferred sector for over half a decade, things started changing for stocks in the banking sector since 2020. This came as the sector witnessed a double blow in the form of YES Bank fallout and prolonged economic slowdown. And all this only led to credit quality deterioration for banks.
4. YES Bank Crash: The Yes Bank crisis and the sight of Rana Kapoor being taken to court in early March came in as one of the worst months for India's banking sector.
5. Bailout for Yes Bank: To save Yes Bank, a range of Indian lenders led by the State Bank of India (SBI), infused funds in return for an equity stake. The episode came as a jolt to investors, who worried it could exacerbate vulnerabilities in the financial system.
6. Panic Selling Amid SC Order: Then came another blow. Before the dust settled on Yes Bank, the Supreme Court ruled that telecom operators must pay dues worth billions owed to the government. This caused panic-selling in bank stocks due to their heavy exposure to the telecoms sector.
7. Coronavirus Threat: The challenges now facing India's banking sector have reached another order of magnitude due to the coronavirus threat to the economy. Banking stocks have been among the hardest hit.
8. Sharp Fall for BSE Bankex: The BSE Bankex has fallen about 46% so far this year, outpacing the 32% fall in the BSE Sensex. Shares of Axis Bank and IndusInd Bank have lost the most during this period.
9. Relief Measures: Owing to all these shocks, banks have sought various relief measures. On 27 March 2020, the Reserve Bank of India (RBI) came out all guns blazing to arrest a potential slowdown caused by coronavirus (Covid-19). It did not just lower the cash reserve ratio (CRR) by 1% to 3% but also cut the repo rate by 0.75%. Also, there is a three-month moratorium on payment of loan installments.
10. PSB Merger: Then came the major announcement effective from 1 April 2020. First announced in August 2019, the government's ambitious plan to merge 10 state-owned banks into four came into effect from 1 April 2020. The move, aimed at strengthening the banking system and creating more large institutions with size and scale, has seen...
    • Oriental Bank of Commerce and United Bank of India merged into Punjab National Bank,
    • Andhra Bank and Corporation Bank merged into Union Bank of India,
    • Allahabad Bank merged with Indian Bank, and
    • Syndicate Bank amalgamated into Canara Bank

So, that were some top pointers on what the Indian banking sector has been going through amid the coronavirus led stock market crash.

I reached out to Tanushree Banerjee, who is closely tracking the banking sector in the current scenario. Here's her view on the sector...

• The Covid-19 lockdown has hit cash flows of both individual borrowers and corporates. This, in turn, will impact their loan repayment capability.
  
  The RBI's repo rate cut came as a temporary lifeline for Indian companies with debt on books. It will offer both companies and retail borrowers some breather. If banks use this phase judiciously, it may save the NPA ratios from worsening significantly.
  
  However, only the banks that have adequate capital and provisioning cushion may be able to tide over the economic crisis. Eventually, another round of consolidation in private sector banks, like the one after 2002, cannot be ruled out.

Tanushree's latest StockSelect recommendation is one such midcap bank.

You can read the entire report here (requires subscription).

Also, speaking of ongoing stock market crash, our special report, How to Trade the Coronavirus Crash, is the most comprehensive report on how to trade the coronavirus, both from a short-term and long-term perspective. You can claim your FREE copy here...

And rest assured, Equitymaster is with you all the way on this journey. To that end, we have decided to offer you two of our premium learning courses free!

From the comfort of your home, you can learn the basics of fundamental investing with Equitymaster Secrets and the ins and outs of making money using derivatives with Derivantage. Get started right away.

Happy Investing!

The oil market plunged further on Tuesday on concerns over a collapse in demand as the pandemic leaves factories, cars and airplanes idled around the world. The extreme volatility in energy markets highlights investors' worries about the duration of the Coronavirus outbreak and its impact on the economy.

That is in turn weighing on financial markets more broadly, including stocks. The benchmark US oil contract was down $4.78 at just $15.65 per barrel on Tuesday, having traded as low as $11.79 a barrel at one point. The drop comes a day after the price of oil fell below zero on Monday, partly due to technical factors as traders shifted from one futures contract to another. The US oil contract for delivery in May settled at -$37.63 per barrel on Monday, an indication that investors don't want to be left holding oil at a time when storage facilities are almost full and demand is at its lowest since the mid-1990s. The tumult in the oil market reflects uncertainty over where the world economy will head as governments begin to loosen controls imposed to contain the coronavirus.

"We could merely be in the eye of the hurricane as the epicenters of its rage remain centered around demand devastation and crude oil oversupply," Stephen Innes of AxiCorp. said in a commentary. "At a minimum, oil prices will be the last asset class to recover from lockdown" and only when travel restrictions are lifted, he said. Brent crude, the international standard, dropped $45.72 to $19.85. "The historic drop in WTI prices is an indication of the downward pressure which many other crude oil grades could face, given the oversupply situation," Sushant Gupta of Wood Mackenzie said. The volatility in energy markets unsettled stock markets as well. with Germany's DAX stock index losing 3.3% to 10,319 and the CAC 40 in France shedding 3.2% to 4,384. Britain's FTSE 100 declined 2.6% to 5,664.

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