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The Nepal Stock Exchange (NEPSE) plunged by 20 points to close at 2, 356. 17 points on Thursday.

Similarly, the sensitive dropped by 4. 32 points to close at 450. 24 points.

A total of 4, 574, 520 units of the shares of 226 companies were traded for Rs 1. 49 billion.

At the end of the day, the total market capitalization stood at Rs 3. 35 trillion.

India's northwestern Rajasthan state scheduled four hours of power cuts for factories, making it at least the third state to disrupt industrial activity to manage surging power demand amid an intense heat wave, Reuters reported.

Extreme heat continued to scorch large swathes of south Asia this week, offering no reprieve after the hottest March on record in India, and triggering comments from Prime Minister Narendra Modi on India getting too hot too early.

India's western Gujarat state and Andhra Pradesh restricted industrial activity this month as air conditioning demand peaked and economic activity picked up following an end to coronavirus-related restrictions.

The desert state of Rajasthan also imposed four-hour power cuts for rural regions, exposing thousands of families in the desert state to extreme temperatures, with peak summer heat still to come before cooling monsoon rains arrive in June, according to Reuters.

Maximum power demand in India surged to a record high on Tuesday, and is seen rising by as much as a tenth next month. The India Meteorological Department has warned of worse heatwave conditions in the coming days.

The unprecendented heat puts millions of blue-collar workers, including construction and farm labourers and those working on factory shop floors, at great risk. Sunstrokes have claimed thousands of Indian lives in the past.

Industrial disruption and widespread power cuts are also bad news for corporate India, as economic activity has just started to pick up after months of stagnation amid coronavirus lockdowns.

A rapid rise in power demand has also left India scrambling for coal, the dominant fuel used in electricity generation. Coal inventories are at the lowest pre-summer levels in at least nine years and electricity demand is seen rising at the fastest pace in nearly four decades, Reuters reported.

A train shortage is exacerbating the crisis, with India's power secretary telling a court-ordained meeting this week that train availability was 6% lower than required.

Nepali Congress leader and Sudurpaschim Province Assembly member Karna Malla has announced to resign from his post on Thursday. 

He announced his resignation after the party expelled him from the general membership.

"This is the second time that the party expelled me from the general membership. That is why, morality does not allow me to remain as an elected lawmaker of the Province Assembly from the party," he said so by organizing a press conference in Dadeldhura this afternoon, adding, " I would like to announce from this press conference that I am not a member of the Province Assembly from today itself."

Prime Minister and Nepali Congress President Sher Bahadur Deuba has urged the leaders and cadres, who have filed their candidacies against the official candidates of the party for the local level elections slated for May 13, to withdraw their nominations.

Issuing an appeal on Thursday, Prime Minister Deuba urged the rebel candidates to withdraw nominations by 5 pm tomorrow.

President Deuba urged the candidates to withdraw their nominations also by assessing the current and future situation of the country.

The price of gold has dropped by Rs 1, 000 per tola in the domestic market on Thursday.

With the price drop, the yellow bullion is being traded at Rs 98, 000 per tola today.

According to the Federation of Nepal Gold and Silver Dealers' Association, the yellow metal was traded at Rs 99, 000 per tola on Wednesday.

Meanwhile, tejabi gold is being traded at Rs 97, 500 per tola today.

Similarly, the silver is being traded at Rs 1, 320 per tola.

The tejabi gold was traded at Rs 98, 500 and silver at Rs 1, 340.

Nepal banned imports of cars, alcohol, tobacco and other luxury items Wednesday and shortened its work week to help conserve its dwindling supply of foreign exchange, Associated Press reported.

A notice published in the government gazette said only emergency vehicles can be imported. No imports of any type of alcohol or tobacco products, large-engine motorcycles and mobile phones costing over $600 dollars will be allowed.

The ban, in effect until the end of the fiscal year in mid-July, also forbids imports of toys, playing cards and diamonds.

Without such drastic measures, the foreign currency reserves needed to import almost everything will last only a few more months, officials said, according to the Associated Press.

Nepal's main sources of foreign currency are tourism, remittances from overseas workers and foreign aid.

Hundreds of thousands of foreign tourists usually visit the Himalayan country every year, but the number of visitors plunged during the pandemic.

Rising prices for oil have added to pressure on Nepal's foreign reserves. So to conserve fuel, Information Minister Gyanendra Karki announced Wednesday that the government would reduce the work week from five and a half days to five.

However the crisis is already easing, he said, as tourists resume visits and more Nepalis go overseas to work, sending their earnings home, Associated Press reported.

A massive fire broke out at Kamalnagar Chowk in Narayangarh Bazaar of Chitwan on Thursday.

Police said that the fire broke out at the four-storey house of Tulsiram Sapokota in Bharatpur Metropolitan City-3 at around 2 am today.

The fire also destroyed six shops operating in the house.

Police said that the details of the property destroyed in the fire is yet to be ascertained.

The flame was later taken under control with the help of locals, Nepal Police, Armed Police Force and Nepal army personnel backed by the fire engines of Khaireni Municipality and Nepal Army at around 7 am, police said.

Gujarat Titans beat Sunrisers Hyderabad by five wickets in their Indian Premier League match on Wednesday, The Indian Express reported.

The Titans chased down a stiff target of 196 in the last ball thanks to the batting heroics of Rashid Khan (31 not out) and Rahul Tewatia (40 not out).

The Titans ended at 199 for five in 20 overs. Wriddhiman Saha made 68 off 38 balls at the top of the order, according to The Indian Express.

Pace sensation Umran Malik’s stunning figures of 5/25 — his maiden five-for — went in vain.