Author: Sreelatha M

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Swiggy, Zepto move court against gig workers law

Food delivery and quick-commerce platforms, including Swiggy and Zepto, have approached the Karnataka High Court challenging the Karnataka Platform-based Gig Workers (Social Security and Welfare) Act, 2025.

The companies argue that the law imposes an excessive financial and compliance burden while raising constitutional concerns over certain provisions. They have sought a stay on the Act’s implementation, claiming it could impact business operations.

The legislation aims to provide social security benefits, including welfare measures, for gig workers. The High Court is expected to hear the petitions in the coming days.

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Corporate

Sensex falls 370 points, Nifty slips below 23,950

The stock market ended lower on Monday as profit booking in banking and information technology stocks pulled benchmark indices into the red. The BSE Sensex dropped 372 points to close at 79,379, while the NSE Nifty50 fell 100 points to settle at 23,944, slipping below the crucial 23,950 mark.

Heavy selling in banking stocks weighed on investor sentiment, with Kotak Mahindra Bank emerging among the top losers after announcing that CEO Ashok Vaswani would not seek another term. Persistent Systems also declined sharply after its proposed acquisition of Germany-based Nagarro raised concerns over the deal’s valuation. Other notable laggards included Axis Bank, HCLTech and Bajaj Finance.

On the positive side, Trent, Tata Steel, JSW Steel, Hindalco Industries and UltraTech Cement were among the day’s top gainers, supported by buying in metal and consumer-focused stocks. Gains in these counters, however, were insufficient to offset losses in heavyweight banking and IT shares.

Monday’s decline was largely driven by profit booking following the market’s recent rally. Investors also remained cautious ahead of key global economic data and continued to track foreign institutional investor (FII) activity.

Sector-wise, banking, financial services and information technology indices led the losses, while metals and select infrastructure stocks witnessed buying interest. Broader markets showed mixed performance, with mid-cap and small-cap stocks outperforming benchmark indices in several pockets.

The rupee traded within a narrow range against the US dollar, while crude oil prices remained largely stable, offering little direction to the market.

Also Read: BIS warns AI boom faces rising global financial risks

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Beyond

BIS warns AI boom faces rising global financial risks

The global boom in artificial intelligence could lose momentum if rising debt, persistent inflation and excessive investment continue to build financial risks, the Bank for International Settlements (BIS) has warned in its latest annual report.

Often described as the “central bank for central banks”, the BIS said the rapid surge in AI-related spending has created strong optimism among investors. However, it cautioned that expectations may have moved ahead of economic reality, increasing the risk of financial instability if companies fail to generate the returns investors anticipate.

The report noted that major technology companies are investing hundreds of billions of dollars in artificial intelligence infrastructure, including data centres, chips and computing power. While these investments could transform productivity and drive long-term economic growth, the BIS warned that excessive spending financed through debt could leave companies and financial markets vulnerable if demand slows or profits disappoint.

The BIS compared the current AI investment wave with previous periods of market exuberance, including the dot-com boom, saying history shows that breakthrough technologies can attract more capital than markets can sustainably absorb. If investor confidence weakens, technology stocks could face sharp corrections with wider consequences for the global financial system.

Apart from AI, the institution also highlighted rising public debt, stubborn inflation and vulnerabilities in financial markets as key threats to the global economy. It urged governments and central banks to maintain sound fiscal policies, keep inflation under control and strengthen oversight of non-bank financial institutions to reduce systemic risks.

Despite its caution, the BIS stressed that artificial intelligence remains one of the most promising technological advances of recent decades. It said AI has the potential to improve productivity, boost innovation and support long-term economic growth if investments are made responsibly and supported by sustainable business models.

Also Read: Kotak Bank CEO Ashok Vaswani announces exit

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Leaders

Kotak Bank CEO Ashok Vaswani announces exit

Kotak Mahindra Bank shares came under pressure on Monday after Managing Director and Chief Executive Officer Ashok Vaswani said he will not seek reappointment when his current term ends on December 31, 2026. The announcement raised concerns about the bank’s leadership transition, with the stock falling more than 2–3% during the trading session.

The bank said Vaswani has decided to step down for personal reasons and that the board has already begun the process of identifying his successor. The appointment of a new CEO will be completed in line with regulatory requirements, allowing for a smooth transition before his term ends.

Vaswani took charge as Kotak Mahindra Bank’s CEO in January 2024, succeeding founder Uday Kotak after decades of founder-led leadership. During his tenure, he focused on strengthening technology, expanding lending and accelerating growth after regulatory challenges linked to the bank’s digital systems.

While the announcement led to an immediate drop in the share price, several brokerages maintained a positive long-term view on the bank. Analysts said the market reaction was driven mainly by uncertainty around the leadership change rather than concerns about the bank’s financial health. They noted that Kotak Mahindra Bank continues to have a strong balance sheet, healthy capital position and steady earnings growth.

Brokerage firms also believe the bank has enough time to identify a capable successor, reducing the risk of disruption to its long-term strategy. Some analysts suggested that an experienced internal candidate could ensure continuity in operations and reassure investors.

The leadership change comes at a time when India’s private banking sector is seeing strong credit demand and rising competition. Investors will now closely watch the succession process and the bank’s future strategic direction.

For now, market sentiment is expected to remain cautious, although many believe the bank’s fundamentals remain intact and that the CEO transition is unlikely to alter its long-term growth path.

Also Read: PFC, REC boards approve merger through share swap

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Leaders

Candere signs Smriti Mandhana as ambassador

Candere, the lifestyle jewellery brand from Kalyan Jewellers, has appointed Indian cricketer Smriti Mandhana as its new brand ambassador, marking a significant step in the company’s strategy to strengthen its appeal among young and style-conscious consumers.

The partnership comes as Candere looks to expand its presence in India’s organised jewellery market by connecting with a new generation of buyers who increasingly prefer contemporary, lightweight and everyday jewellery. The company believes Mandhana’s confident personality, modern outlook and growing popularity make her an ideal face for the brand.

Announcing the association, Candere said the Indian vice-captain represents qualities such as confidence, authenticity and individuality, values that closely match the brand’s identity. Through the collaboration, the company hopes to inspire customers to see jewellery as a part of everyday fashion rather than something reserved only for weddings and festivals.

Mandhana, one of India’s most celebrated women cricketers, said she was delighted to join hands with Candere. She noted that jewellery today is an expression of personal style and individuality, and appreciated the brand’s focus on modern designs that suit different occasions and lifestyles.

As part of the partnership, Mandhana will appear in Candere’s advertising campaigns across digital platforms, social media and other promotional channels. The campaigns are expected to showcase jewellery collections designed for daily wear, gifting and special occasions while highlighting the brand’s blend of elegance and contemporary fashion.

The collaboration also reflects a wider trend in the jewellery industry, where brands are increasingly partnering with young celebrities to attract digitally connected consumers. With online jewellery shopping becoming more popular, companies are focusing on personalities who resonate with millennials and Gen Z buyers.

Backed by Kalyan Jewellers, Candere has steadily expanded its online presence while growing its network of physical stores across India. The brand offers a wide range of gold, diamond and gemstone jewellery designed to suit modern lifestyles.

Also Read: Netflix mandates unique emails for profiles

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Technology

Netflix mandates unique emails for profiles

Netflix is introducing a new requirement that asks users sharing an account to link each profile with a unique email address, marking another step in the streaming giant’s effort to strengthen account security and personalise user access.

The feature is being rolled out gradually and is expected to affect users with multiple profiles under a single subscription. Until now, several profiles could exist without being tied to individual email addresses. Under the updated system, Netflix will prompt users to assign a separate email ID to each profile.

The company says the change is meant to make profile management easier while giving every user greater control over viewing history, recommendations and account settings. It will also simplify the process of transferring a profile to a new account if someone decides to move away from a shared subscription.

For families and households that legitimately share a Netflix account, the update is not expected to change the way they watch content. Instead, each profile holder will simply need to provide a unique email address when prompted. Users who ignore the request may eventually face restrictions in accessing or managing their individual profiles.

The latest move builds on Netflix’s broader strategy to curb password sharing outside a household. Over the past few years, the company has introduced paid sharing options in several countries and tightened verification measures to ensure subscriptions are used according to its policies.

For subscribers, the update means a slightly different login experience rather than a major change in service. Existing viewing preferences, watchlists and recommendations will remain linked to each profile after an email address is added.

As competition in the streaming market continues to grow, Netflix appears focused on balancing user convenience with stronger account protection. The latest update reflects the company’s ongoing effort to make shared subscriptions more secure while giving individual users greater ownership of their personal viewing experience.

Also Read: Gold nears ₹1.44 lakh, Silver hits ₹2.40 lakh

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Beyond

BYJU’S lenders eye 30% Aakash stake settlement

A long-running legal battle involving embattled edtech company BYJU’S may finally be nearing a resolution. The company’s global lenders are in advanced discussions to acquire a 30% stake in Aakash Educational Services, one of India’s largest offline coaching chains, as part of a comprehensive settlement aimed at ending multiple legal disputes.

The proposed agreement is linked to BYJU’S default on its $1 billion Term Loan B, which triggered legal proceedings across India, the United States and Singapore. Under the settlement, lenders represented by Glas Trust are expected to withdraw all lawsuits against founder Byju Raveendran and other related parties if the deal is successfully completed.

People familiar with the negotiations said the talks are in the final stages, although the exact structure of the transaction is still being worked out. Aakash, acquired by BYJU’S for nearly $1 billion in 2021, is currently valued at around $2 billion, making it the group’s most valuable remaining asset. The proposed stake transfer would give lenders a significant ownership position while helping bring years of litigation to an end.

The ownership structure of Aakash has changed considerably over the past year. Manipal Education and Medical Group has increased its holding to around 60%, emerging as the largest shareholder. If the proposed settlement goes through, lenders would become another major shareholder, while BYJU’S stake would reduce further. Industry experts believe this could provide greater stability to Aakash, which has largely remained operational despite the financial troubles of its parent company.

For BYJU’S, once India’s most valuable startup with operations in more than 20 countries, the agreement could mark a significant turning point. The company has faced financial distress, insolvency proceedings and several court battles over the past three years, leading to a sharp decline in its business and valuation.

While the settlement has not yet been finalised, both sides are reportedly keen to avoid further legal battles.

Also Read: Volkswagen plans massive 100,000 job cuts

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1 Minute-Read

Volkswagen plans massive 100,000 job cuts

Volkswagen is preparing a major restructuring that could cut up to 100,000 jobs over the next few years, according to reports.

The German carmaker is also said to be considering plant closures in Hanover, Zwickau, Emden and Audi’s Neckarsulm site. The move comes as the company faces weak demand in Europe, tougher competition from Chinese electric vehicle makers and higher costs.

Chief executive Oliver Blume is reportedly pushing a wider overhaul to reduce spending and improve efficiency. Labour unions have strongly opposed the plan, warning that workers should not pay for the company’s problems. Board decision is due next month.

 

 

 

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Beyond

US eases access to Anthropic’s Claude Mythos AI

The US government has allowed Anthropic to restore limited access to its powerful Claude Mythos 5 artificial intelligence model, easing restrictions that were imposed earlier this month over national security concerns. Even so, access remains tightly controlled and is available only to a select group of trusted American organisations, not the general public.

The move came after talks between Anthropic and US officials, following a temporary suspension of access for foreign nationals and a broader pause on rollout. Authorities had worried that such an advanced AI system could be misused for cyberattacks or accessed by hostile foreign actors if it was released without strong safeguards.

Under the revised arrangement, more than 100 approved organisations, including cybersecurity firms, critical infrastructure operators and selected Fortune 500 companies, will be able to use Mythos 5. Many of these groups are already part of Anthropic’s Project Glasswing, an initiative that uses advanced AI to find and fix software weaknesses before attackers can exploit them.

Anthropic said the model has shown strong results in spotting complex software flaws and improving cyber defences. The company believes that giving trusted security experts access to the technology can help strengthen digital safety while lowering the risk of misuse. It also said it will continue working closely with US authorities before expanding access further.

The controlled rollout comes as governments around the world step up scrutiny of powerful AI systems. The Trump administration has introduced new rules requiring frontier AI developers to coordinate with federal authorities before releasing highly capable models. Similar restrictions have also affected other leading AI companies building next-generation systems.

Also Read: YouTube Shorts adds cleaner viewing tools

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Leaders

OpenAI taps Prabhjeet Singh to lead India expansion

OpenAI has appointed former Uber India and South Asia President Prabhjeet Singh as its Managing Director for India, signalling a major push to strengthen its presence in one of the company’s fastest-growing markets. Singh will join OpenAI in September and become the company’s most senior executive in India, leading its business strategy and expansion across the country.

In his new role, Singh will oversee consumer growth, enterprise adoption, strategic partnerships, regulatory engagement and day-to-day operations. He will report to Kiran Mani, Managing Director for Asia Pacific, and will work closely with businesses, developers, government institutions and policymakers to expand the use of OpenAI’s artificial intelligence technologies across India.

Singh joins OpenAI after spending nearly 11 years at Uber, where he most recently served as President for India and South Asia. During his tenure, he led the company’s operations across India, Sri Lanka and Bangladesh, introduced new mobility services and helped expand Uber’s presence in the region through partnerships and digital initiatives. His experience in building large-scale businesses is expected to play a key role in OpenAI’s next phase of growth in India.

The appointment reflects OpenAI’s increasing focus on India, which has emerged as the company’s second-largest market for ChatGPT users globally. India is also among OpenAI’s fastest-growing markets for enterprise AI adoption and software development tools such as Codex. Over the past year, the company has expanded its local presence through new offices, strategic partnerships and investments aimed at supporting businesses, developers and educational institutions.

For Singh, the move marks a transition from mobility to artificial intelligence, while for OpenAI it represents another significant investment in India.

Also Read: YouTube Shorts adds cleaner viewing tools