Top News Podcast: LPG cylinder price tops Rs 1,000, Cars24 fires 600 employees, Navjot Singh Sidhu gets 1-year jail term and more

LPG cooking gas cylinder will now cost more than Rs 1,000 as its price has been increased by Rs 3.5 with effect from Thursday. With the second hike in May, a non-subsidised 14.2 kg domestic LPG cylinder will now sell for Rs 1,003 in Delhi, Rs 1002.50 in Mumbai, Rs 1,029 in Kolkata and Rs 1,018.5 in Chennai.

In this edition of the Top News Podcast, CNBCTV18.com’s Kanishka Sarkar shares the latest on stock markets, the impact of the wheat export ban, LPG prices and more on politics, GST, startups, and more.

Market benchmarks Sensex and Nifty suffered their worst single-day loss in two months today, continuing to decline for a second straight session amid a sell-off across global markets as investors fretted about worsening inflation and its impact on the world economy.

Meanwhile, JP Morgan has downgraded the IT sector and cut the target multiples by 10 to 20 percent across the board as it sees more downside risk.

On the political front, Hardik Patel said he has not taken any decision yet on joining any other party, be it the ruling BJP in Gujarat or the new entrant AAP. This is a day after resigning from Congress.

The Supreme Court, meanwhile, has imposed one-year rigorous imprisonment on Congress leader Navjot Singh Sidhu in a 1988 road rage case.

The top court also held that recommendations of the Goods and Services Tax (GST) Council are not binding on the Centre and the state governments, they only have persuasive value.