ECONOMY | PAGE 2 COMPANIES | PAGE 11 Triple whammy risk looms over India: IMF’s Srinivasan INTERNATIONAL | PAGE 9 Corporate cafeterias fuel growth for B2B foodtech KOLKATA, TUESDAY, MAY 5, 2026 GameStop makes bold $56-billion bid for eBay WWW.FINANCIALEXPRESS.COM FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE READ TO LEAD VOL 35 NO. 157, 18 PAGES, `12 (NORTH EAST STATES `12 & ANDAMAN `20) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 77,269.40 ▲ 355.90 NIFTY: 24,119.30 ▲ 121.75 NIKKEI 225: 59,513.12 ▲ 228.20 HANG SENG: 26,095.88 ▲ 319.35 `/$: 95.09 ▼ 0.17 `/€: 111.42 ▼ 0.43 BRENT: $110.64 ▲ $2.47 GOLD: `1,47,398 ▼ `2,379 IN THE NEWS MARKETS PAGE 6 SEBI CHAIR:WILL ISSUEADVISORY ON MYTHOS RISKS AMID CONCERNS AROUND Anthropic’s AI model Mythos, Sebi Chairperson Tuhin Kanta Pandey on Monday said the regulator would soon issue an advisory to market participants on the matter, reports Anjana Therese Antony. ECONOMY PAGE 7 MANUFACTURING PMI SEES SLIGHT INCREASE IN APR GROWTH IN INDIA'S manufacturing sector saw a marginal improvement in April, with the HSBC India Manufacturing PMI rising to 54.7 from 53.9 in March, reports fe Bureau. The war in West Asia continued to hurt demand and push up inflation. India and Canada begin second round of FTA talks INDIAAND CANADA started on Monday the second round of negotiations on their proposed Comprehensive Economic Partnership Agreement (CEPA) with the target to complete the talks by the end of this year, reports fe Bureau. The negotiations will be held from May 4 to May 8, a senior official said. ■ PAGE 2 Maruti, Hyundai lose SUVground as rivals gain in FY26 LEADING PASSENGER VEHICLE makers Maruti Suzuki India and Hyundai Motor India are steadily losing ground in the lucrative sport utility vehicle (SUV) segment, even as overall demand remains robust, reports Nitin Kumar. The market share lost by them has been captured by rivals M&M, Tata Motors, Toyota and Kia. ■ PAGE 4 Q4 RESULTS CORNER AMBUJA CEMENTS PAT JUMPS 79% P4 GODREJ PROPERTIES BEATS STREET, PROFIT UP 70% P4 ATHER ENERGY Q4 LOSS NARROWS, REVENUE UP P11 CSB BANK PROFIT RISES AS PROVISIONS FALL P6 ● BJP SINKS TMC, ● KERALA SWINGS TO UDF FROM LDF ● MAMATA, STALIN LOSE THEIR SEATS VIJAY STUNS DMK PARIVARTAN, DELIVERED MANOJ C G & JATIN ANAND New Delhi, May 4 STORMINGTHE LASTOpposition citadel in the east, the BJP onMondaytrouncedtheruling TMC in West Bengal to end Mamata Banerjee’s 15-year rule and returned to power in Assam with a landslide win for a third consecutive term. Tamil Nadu delivered the other stunning verdict with actor-turned-politician Joseph Vijay’s TVK, a new entrant nearing the halfway mark in the 234-member House, surprising the Dravidian majors and toppling the DMK-led government of M K Stalin. Both Banerjee and Stalin lost their respective seats — the first in Bhabanipur to the BJP’s Suvendu Adhikari by 15,105 votes and the latter in Kolathur to theTVK’sVS Babu by 8,795 votes. Kerala opted for change, voting in the Congress-led UDF to end the run of the LDF led byPinarayiVijayan,the last Left government in the country. The Union Territory of Puducherry reposed faith in the NDA comprising the All India NRCongress and the BJP. Theoneunmistakablemessage from the results of the Assembly elections was that of a yearning for change.And the incumbents, from the TMC in BengaltoDMKtoLDF,borethe brunt. Only Assam and Puducherry bucked the trend. Hailing his party’s performance,Prime MinisterNarendra Modi described thevictory in West Bengal as“historic”. Continued on Page 7 1 2 3 SPICEJET’S COMEBACK IS hitting fresh turbulence, with the low-cost carrier now slipping behind newer rival Akasa Air in fleet size after a sharp contraction driven by aircraft returns, mounting financial stress and legal disputes — highlighting how deeply its operational challenges continue to weigh on recovery. SpiceJetiscurrentlyoperating just 21 aircraft,down from 33 in December, and well below Akasa’s 38 aircraft. The decline reflects a steady erosion of capacity as lease agree- THE BIG GUNS LOST WON MAMATA BANERJEE 4 WEST BENGAL Majority: 147 TAMIL NADU SEATS Majority: 118 KERALA SEATS 293* Majority: 71 ASSAM Majority: 64 SEATS 234 1. Prime Minister Narendra Modi, in traditional Bengali attire, at the BJP headquarters in New Delhi on Monday; 2. TVK chief Vijay shows his poll victory certificate outside a counting centre in Chennai; 3. Congress leader KC Venugopal offers sweets to Leader of Opposition in the Kerala Assembly VD Satheesan in Thiruvananthapuram after the party’s victory; 4. BJP supporters in victory PTI celebrations in Kolkata PUDUCHERRY SEATS 140 Majority: 16 SUVENDU ADHIKARI* TMC Bhabanipur Margin 15,105 BJP Bhabanipur/ Nandigram Margin 15,105/ 9,665 LOST VIJAY* DMK Kolathur Margin 8,795 TVK Perambur/ Trichy East Margin 53,715/ 27,416 WON TMC+ 206 81 CONG 2 Others 4 TVK 107 DMK+ AIADMK+ 74 53 UDF 97 LDF 35 NDA 3 Others 5 NDA 92 GAURAV GOGOI BJP Jalukbari Margin 89,434 CONGRESS Jorhat Margin 23,182 30 CONG+ AIUDF Others 21 2 11 NDA 18 CONG+ TVK+ 6 3 Others 3 Source: Election Commission of India; Results include win as well as lead at 11 pm; *Election in one Assembly constituency in West Bengal has been postponed »INSIDE« EDIT: RESTLESS 8 MANDATE PAGE A SHIFTTOWARDS NATIONALISM, WRITES BADRI NARAYAN PAGE 8 HOW BJP BREACHED TMC BASTIONS PAGE 18 LOST HIMANTA BISWA SARMA WON BJP WON MK STALIN SEATS 126 FIRST DISRUPTION SINCE MGR: HOWVIJAY CAUGHT IMAGINATION OF VOTERS PAGE 18 LOTUS BLOOMING FROM GANGOTRI TO GANGASAGAR, SAYS PM PAGE 18 WON PINARAYI VIJAYAN VD SATHEESAN CPI(M) Dharmadam Margin 19,247 CONGRESS Paravur Margin 20,600 Source: ECI; * Suvendu Adhikari and Vijay contested from two seats each Adani’s`14,535-cr Crude shock: Rupee closes Fighting flares up: bidforJALgetsnod above 95 for the first time TehranhitsUAEoil NCLATdismisses TRIBUNAL SAYS WAR HIT port;USsinksboats Vedanta’s petition ● ■ CoC not considering URVI MALVANIA Mumbai, May 4 THE NATIONAL COMPANY LawAppellateTribunal(NCLAT) dismissedonMondayVedanta’s pleachallengingtheselectionof Adani Enterprises’ resolution plan for Jaiprakash Associates (JAL),upholdingthelenders’decisionintheinsolvencyprocess. Initsorder,theappellatetribunal held that Vedanta’s addendum submitted after its final resolution plan was not a mere clarification but a modification of the bid.As a result,the committee of creditors (CoC) wasjustifiedindecliningtoconsideritduringits24thmeeting. The dispute arose from the insolvency resolution of JAL, where Adani Enterprises’ `14,535-crore bid secured the Vedanta’s addendum is neither invalid nor untenable CHRISTINATITUS Mumbai, May 4 backing of 89% of creditors. Vedanta had challenged this outcome, arguing that its own bid of around `17,926 crore offered higherrecovery,including roughly `3,400 crore more in gross value and about `500 crore highernet presentvalue. THE RUPEE CLOSED at a record low of 95.0875 against the dollar on Monday, weakened by a spurt in crude oil prices and elevated dollar demand. The currency lost 18 paise over Friday’s close. Reuters reported there was dollar demand from maturing non-deliverable forward positions. Currency dealers said that the Reserve Bank of India (RBI) stepped into the market with dollar sales. On April 30, the rupee had hit a record intra-day low of 95.33. Persistentsellingbyforeign portfolio investors (FPIs) in the Indianstockandbondmarkets hasweighed on the rupee.FPIs have offloaded stocks and bondsworth about $20 billion so far in 2026. Continued on Page 7 Continued on Page 7 ■ CoC approving ■ There is no Adani’s plan over Vedanta’s higher offer cannot be termed arbitrary or perverse material irregularity in conduct of insolvency process 95.09 Close 94.92 Previous close Pr Rupee vs dollar Intra-day, May 4 (in inverted scale) 0.18% RBIexploresstepstomobilise dollarinflowsasrupeeslides THE RESERVE BANK of India (RBI) is studying ways to mobilise dollar inflows to bolsteritsforeignexchangebuffers and cushion rising pressure on the rupee from a spike in oil prices driven by the Iran war, sources said, reports Reuters. Among the steps being consid- ered is reviving a mechanism lastusedin2013todrawindollar deposits from non-resident Indians.A second option being discussed is eliminating withholdingtaxonoverseasgovernmentbondinvestorstoencourage flows.No final decision has been taken,theysaid. ■ PAGE 6 Financial losses, legal setbacks and lease exits deepen operational strain SpiceJetfallsbehindAkasaasfleetshrinksamidcrises AKBAR MERCHANT Mumbai, May 4 ● ASSAM, PUDUCHERRY BUCK THE TREND HEADWINDS INTENSIFY ■ SpiceJet is now operating just 21 aircraft, down from 33 in December, and well below Akasa’s 38 aircraft ■ The airline has described the network adjustments as temporary and says it is targeting a fleet of 55-60 by the winter schedule ■ SpiceJet has cut flight ■ Its accumulated losses are estimated at over `8,600 crore, while current liabilities exceed assets frequencies across major metro routes ments expire and aircraft are returned,exposingtheairline’s dependenceonshort-termwet leasing to sustain operations. The immediate trigger has been the return of multiple leased aircraft. Over the past fewweeks,the airline has redelivered several Boeing 737800s taken on wet lease from foreignoperatorsandreturned three Boeing 737-8 MAX aircraft leased from Ascend Airways following the lessor’s shutdown. Its wet-leased fleet hasreducedfrom13aircraftto seven, sharply limiting available capacity. Behind the fleet contraction lies a prolonged period of financial strain.The airline has reported widening losses in recentquarters,includinganet loss of about `621 crore in July-September alongside a declineinrevenue.Itsaccumulated losses are estimated at over `8,600 crore, while current liabilities exceed assets, prompting auditors in the past to flag concerns over its ability to continue as a going concern. These constraints have limited its ability to secure long-term leases,forcingrelianceoncost- lier and less stable wet-lease arrangements. Legal disputes have added to the strain. The airline has faced multiple proceedings from aircraft and engine lessors over unpaid dues, at times resulting in grounding of planes. It has also been involved in a long-running dispute with former promoter Kalanithi Maran and Kal Airways, alongside overseas rulings requiring payments to lessors. These cases have periodically disrupted operations and affected lessor confidence. Continued on Page 7 Kolkata PARISA HAFEZI, AHMED TOLBA & IDREES ALI Dubai/Washington, May 4 A SOUTH KOREAN ship was hit byan explosion in the Strait of Hormuz on Monday and Iranian drones caused a fire at a UAE oil port, as Tehran demonstrated its grip on West Asian oil after US President Donald Trump said his Navy would open the Strait. The US military said two US merchant ships had made it through the strait,without saying when.Iran denied any crossings had taken place, DONALD TRUMP, US PRESIDENT We have told these countries that we will guide their ships safely out of these restricted waterways (Strait) and there was no indication that Trump’s “Project Freedom”had led to a meaningful surge of shipping through the waterway. Trump’s new mission, which he announced on social media overnight, was the first apparent attempt to use naval power to unblock the world’s most important energy shipping route,creating a showdown at sea with Iran,which says no ships may pass without its permission. In the two months since the US launched an air war against Iran alongside Israel, Tehran has largely blocked the Strait to ships apart from its own, causing the biggest disruption to global energy supplies in history. Since last month, the US has imposed a separate blockade of ships leaving or entering Iranian ports. The warring sides issued contradictory statements on Monday about the initial impact of the new US mission. Continued on Page 7 Brent jumps China role in more than 5% opening Strait OIL PRICES JUMPED more than 5% on Monday as Iran stepped up attacks on the United Arab Emirates (UAE) and ships in the Gulf over the past 24 hours. Brent futures rose $5.75, or 5.3%, to $113.92 per barrel at 1603 GMT (21:33 IST), while US WestTexasIntermediate(WTI) crude rose $3.54, or 3.5%, to $105.48. Wall Street’s main indexes also declined on Monday amid flare-up. ■ PAGE 9 US TREASURY SECRETARY ScottBessentonMondayurged China to step up its diplomatic efforts to persuade Iran to open theStraitofHormuztointernationalshipping,addingthatthe subject will be discussed when PresidentDonaldTrumpmeets with Chinese President Xi Jinpingnextweek.BessenttoldFox News Channel that China was buying90%ofIran'senergy,“so they are funding the largest state sponsorof terrorism.”