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Stock Market Crash: Investor wealth tumbles Rs 4.82 lakh crore in two days of market fall

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NEW DELHI: Investor wealth tumbled by Rs 4,82,033.63 crore in two days of market fall as rise in Covid-19 cases further triggered selling in equities.
The sensex plummeted 674.36 points or 2.39 per cent to close at 27,590.95 on Friday.
Selling in markets led to a decline in market capitalisation of the BSE-listed companies which tumbled Rs 4,82,033.63 crore to Rs 1,08,66,722.96 crore in two days.
“The Indian benchmark indices continued to plunge southwards, after a surge in the number of coronavirus cases in India. Besides, Moody’s report on the banking sector wherein they have changed their outlook, further dented the sentiment,” Ajit Mishra, vice-president (research), Religare Broking Ltd, said.

Axis Bank was the top loser in the sensex pack, dropping 9.16 per cent, followed by IndusInd Bank, ICICI Bank, Titan, SBI, Maruti and HDFC, while eight companies including Sun Pharma, ITC, ONGC, M&M and Tech Mahindra were the gainers.
“The Indian markets opened and stayed negative, with reduced volatility. A ratings downgrade for the banking sector, due to the impact of Covid-19 and ensuing stressed asset concerns, impacted the financial stocks. Markets are trading uncertainty, regarding the spread of the virus in India,” Vinod Nair, head of research, Geojit Financial Services, said.
The BSE Midcap and Smallcap fell by 1.17 per cent and 1.03 per cent, respectively.
The BSE bankex, finance, auto, IT, teck and metal indices ended up to 5.39 per cent lower, while healthcare, oil and gas, utilities, FMCG and telecom closed with gains.
The 30-share BSE barometer had tanked 1,203.18 points on April 1.
Market was closed on Thursday on account of ‘Ram Navami’.

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Manvendra Chaudhary, with over 5 years of professional experience as CEO of Unique News and Megalent Marketing, shares insights on life, business, and health for your success.

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World

Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

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Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

Kennywood’s Steel Curtain roller coaster will not be available this 2024 season, and this has miffed a Kensington man to the extent that he has filed a lawsuit against Kennywood and its parent companies, alleging that the officials had known this fact long before but withheld it to boost season pass sales.

Lawsuit Against Kennywood

The lawsuit, filed in the Allegheny County Common Pleas Court by Joshua Miller and his attorney, John A. Biedrzycki III on Monday, alleges that it was a deliberate attempt to hide the fact to accrue financial benefits by boosting season pass sales.

The lawsuit alleges that Kennywood has created advertising campaigns targeting consumers like Mr. Miller and others to purchase the 2024 season pass under the belief that the benefits included myriad park attractions, including the Steel Curtain.

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In the lawsuit, it was revealed that Mr. Miller bought his season pass under the assumption that all rides would be operational.

However, on April 17, three days before the park opened for the season, it was revealed that Steel Curtain would be closed for the season.

The announcement was made by Ricky Spicuzza, the park’s assistant general manager, and the reason for the closure was cited as the coaster undergoing an “extensive modification project.”

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Ricky Spicuzza said,

“We understand the frustration many of you have felt not being able to experience the Steel Curtain. On behalf of our entire team, we absolutely share that frustration with you.”

However, the lawsuit contends that the fact was known long before last week that the 220-foot-tall coaster would be out of commission.

The lawsuit states,

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“The company withheld this information from season pass purchasers so as not to lose season pass customers, or, alternatively, so as not to offer a discount on season passes due to the unavailability of the Steel Curtain.”

The lawsuit also details numerous violations of the state’s unfair trade practices and consumer protection law. This includes failure to disclose the Steel Curtain’s closure with the full knowledge that the consumer believed that it would be functional for the 2024 season.

The park offered varied passes, which ranged from season passes priced from $109.99 to $239.99.

The lowest endowed pass was the bronze pass, which provided unfettered admission except on certain blackout dates.

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The premium range included the platinum pass, which offered year-round admission to Kennywood, Sandcastle, Idlewild, and Palace Entertainment’s Dutch Wonderland in Lancaster.

Additionally, it also offered free parking, discounts on food and retail, and three free guest tickets.

Also Read: Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

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World

Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

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Prime Hydration

Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.

Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.

New Lawsuit Against Prime Hydration

The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.

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The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.

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Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.

Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.

Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her

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Net Worth

George T. Conway Net Worth 2024: How Much is the American Lawyer Worth?

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George T. Conway Net Worth 2024: How Much is the American Lawyer Worth?

Who is George T. Conway?

George T. Conway, also known as George Thomas Conway III, is a distinguished American lawyer and political activist. Born on September 2, 1963, in Boston, Massachusetts, Conway is renowned for his legal expertise and vocal opposition to former President Donald Trump’s administration.

George T. Conway Career

Conway’s legal career is illustrious, marked by significant contributions to various fields such as securities, mergers and acquisitions, contracts, and antitrust issues. He began his career as a law clerk at the US Court of Appeals and later joined prestigious law firms, including Wachtell, Lipton, Rosen, and Katz. Notable cases include representing Paula Jones in a trial against President Bill Clinton and securing a victory against the National Australia Bank. Furthermore, Conway has been actively involved in political activism, co-founding groups like Checks and Balances and the Lincoln Project, which oppose Trumpism and advocate for democratic principles.

George T. Conway Net Worth

As of 2024, according to Celebrity Net Worth, George T. Conway’s net worth is estimated to be approximately $39 million. His wealth primarily stems from his successful legal career, where he has handled high-stakes cases and served as a partner in prestigious law firms. Additionally, Conway’s involvement in political activism, public speaking engagements, and media appearances contribute to his financial status.

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George T. Conway Age

Born on September 2, 1963, George T. Conway is currently 60 years old as of 2024.

George T. Conway Family: Wife and Children

George T. Conway was previously married to Kellyanne Fitzpatrick Conway, a prominent political consultant and former White House counselor. The couple has four children: Claudia, Vanessa, Charlotte, and George Jr. Their marriage ended in separation in 2023.

George T. Conway Height and Weight

George T. Conway stands at 5 feet 7 inches tall and weighs around 84 kg. He possesses a charming personality with black hair and captivating black eyes.

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Also Read: Robert Kraft Net Worth 2024: How Much is the CEO of the New England Patriots Worth?

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