Wall Street turns negative late in day

NEW YORK (Reuters) - Stocks fell late on Tuesday as traders cited renewed market talk about the potential for Greece to leave the euro zone, while Facebook's stock fell towards session lows on doubts about its valuation. The Dow Jones industrial average was down 21.84 points, or 0.17 percent, at 12,482.64. The Standard & Poor's 500 Index was down 1.80 points, or 0.14 percent, at 1,314.19. The Nasdaq Composite Index was down 14.15 points, or 0.50 percent, at 2,833.06. (Reporting By Edward Krudy; Editing by Kenneth Barry)

Vodafone ups stakes in Indian battle

LONDON/MUMBAI (Reuters) - Vodafone Chief Executive Vittorio Colao ramped up the rhetoric in his fight with the Indian government on Tuesday, accusing the country of deterring foreign investment but warning that he would not walk away. The result, the company said, was that it was now unlikely to float shares in the business this year. "There has been widespread concern in India and in the world about this," Colao said. "It is time for the political leadership of the country to look their bureaucrats in the eye and ask whether this is what they want for their country. ...

India faces mass default and restructuring as devaluation looms

SINGAPORE, May 22 (IFR) - India's mounting economic and political woes are prompting market players to raise the specter of a Greek-style crisis in Asia's third largest economy. This is not simply idle speculation. Last Friday, the rupee crashed to an all-time low against the dollar of 54.9 and it was stuck most of Tuesday at the psychologically significant Rs55/USD level, where the currency is seen as having no obvious technical support. And the implications of a rupee collapse would be immense. ...