India's three major airlines, Air India, IndiGo, and SpiceJet, have jointly asked the government for relief on aviation turbine fuel (ATF) prices, warning that the industry is close to halting operations. The appeal comes as the conflict in West Asia has pushed up crude oil prices and forced airlines to reroute flights around restricted airspace, adding significant flying time and fuel burn to long-haul routes. ATF is the single largest cost for Indian carriers, typically accounting for 35-40% of total operating expenses. When oil prices rise sharply and routes get longer at the same time, the margin squeeze is immediate and severe. Rerouting around conflict zones can add several hours to a flight, which translates directly into higher fuel costs per trip with no offsetting revenue gain. The airlines have not specified what form of relief they are seeking, but options typically discussed in India include ATF tax cuts by state governments or a reduction in central excise duty. India taxes ATF at rates significantly higher than most aviation markets, a longstanding industry grievance that becomes acute during oil price spikes. Watch for the government's response and whether any state governments move to cut ATF levies, which would offer the fastest route to cost relief for carriers already under financial pressure.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
