Amazon, Microsoft routs erase $585B as AI bets sour

Amazon and Flipkart’s aggressive rollout of ultra‑fast delivery in India forced rapid‑commerce rivals Blinkit (Eternal) and Swiggy Instamart into a $15 bn market sell‑off, with shares down 28% and 47% respectively. The move signals a prolonged, intensifying price battle that could keep profitability under pressure for years.

In June Microsoft fell 17%, on track for its worst month since 2000, erasing about $570 billion in market value. Investors are fretting over soaring AI‑related capex and weaker Azure growth, highlighted by a $190 billion spend outlook that outpaced expectations. The sell‑off pushes the stock to its lowest close since 2023.

Retail investors, including NRIs and proprietorships, flooded India's currency derivatives market as the rupee slid 6.5% during the West Asia conflict, pushing average daily ETCD turnover to ₹5,535.58 crore, a 65% jump YoY. The spike reflects heightened hedging demand under RBI’s exposure‑verification rules.

A limited‑purpose, non‑statutory opinion from KPMG Switzerland on Global Gold Refineries AG was used in Rajesh Exports’ consolidated statements, prompting questions about auditor oversight. SEBI’s interim order flags that over 98% of the group's overseas revenue is unverified, casting doubt on the reliability of its financial reporting.

Indian officials say the current US‑India trade deal would force steep tariff cuts, especially in agriculture, threatening farmers and widening the balance‑of‑payments gap. With a shrinking US surplus and looming Section‑301 actions, New Delhi is choosing to pause negotiations rather than accept a politically untenable agreement.

SEBI's June 2026 consultation paper proposes opening Direct Market Access to all investors, letting them place orders directly on exchanges without broker dealer intervention. The move, part of a broader tech rule overhaul, could turn order execution into a commodity and reshape brokerage business models.

NPCI is testing an AI model in about a dozen banks that scores each transaction in real‑time and flags suspicious money‑mule patterns. By compressing detection from hours to seconds, the system can freeze funds before they vanish, boosting trust in India’s digital payments.

Zerodha’s corporate arm has applied to SEBI for a Category‑I merchant‑banking licence, marking its first step into investment banking. The move lets the broker expand beyond retail broking into IPO advisory and capital‑markets deals, expanding revenue streams as Indian equity markets stay strong.

India’s insurance regulator IRDAI’s latest report flags a sharp rise in mis‑selling complaints, showing that sellers routinely hide product risks and fees. The problem spans life, health and pension policies, leaving households with costly, unsuitable coverage. Regulators warn stronger enforcement is needed to protect consumers.

India’s ten‑year build‑out of refineries, pipelines, strategic reserves and diversified import terminals let it absorb the Strait of Hormuz shock without raising fuel prices for households. The government’s rapid demand‑management orders, state‑run marketing firms absorbing costs, and strong diplomatic ties kept oil flows steady, showcasing a rare resilience in a major external supply disruption.

For FY26 the United States displaced China as the largest buyer of Indian spices, driven by a 32% plunge in China’s purchases after a bumper domestic chilli and cumin harvest. Indian spice exporters saw overall values fall 6%, but pepper and turmeric sales to the US actually rose, reshaping trade dynamics.