Mumbai: Large parts of the financial capital reported major power outage on Monday morning due to a technical failure.
In a tweet, Brihanmumbai Electricity Supply and Transport (BEST) said, “The electric supply is interrupted due to TATAs incoming electric supply failure.”
Some rail services were halted due to the power outage, while airport operations remained unaffected in the city that is home to about 20 million people. It also hosts the nation’s biggest stock exchanges, the central bank and financial regulators.
Stock exchanges BSE Ltd. and National Stock Exchange of India Ltd. continued to function normally. BSE also carried out the listing ceremony for Mazagon Shipbuilders in the morning, the exchange spokesperson said.
Power is being currently supplied to critical services in Mumbai, Adani Electricity Mumbai Ltd., the city’s utility service provider, without giving a timeline for restoration of power. The country had experienced a major power outage in 2012 impacting 360 million people due to a grid failure while a glitch at a power station of Tata Power in 2014 led a major disruption in Mumbai.
There is a major power grid failure due to which supply is affected in most areas of mumbai. As per grid safety protocols, Adani Power System has been able to sustain and islanded, (1/2)
— Adani Electricity (@Adani_Elec_Mum) October 12, 2020
Many traders said the activity wasn’t much affected but if the outage is prolonged then it could impact trading volumes.
“Some traders are facing issues” as they have limited battery backup, said Deepak Jasani, head of retail research at HDFC Securities Ltd. The power outage has also affected broadband connections for some and they’re not being able to trade, he added.
#PowerOutage
Mumbai Suburban trains on CR held up due to grid failure. We will update ASAP. Kindly bear with us.
— Central Railway (@Central_Railway) October 12, 2020
Bond traders said the outage is having an impact with trading volumes narrowing with the
10-year volumes at 34 billion rupees compared to around 50 to 60 billion rupees early morning.The yield on benchmark 10-year bonds fell two basis points to 5.91% while the S&P BSE Sensex was up 0.5% as of 10:45 a.m. in Mumbai.- Bloomberg
(with PTI inputs)
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