An initial investigation into the June boiler explosion at Vedanta's power plant in Chhattisgarh's Sakti district found that excessive fuel accumulation inside the furnace triggered a pressure surge, causing the blast that killed 20 workers. Authorities have filed an FIR against Vedanta and its unnamed contractor, citing negligence in maintenance and operational standards. The dual-target FIR is significant: it extends criminal liability beyond the asset owner to the contracted operator, a pattern that increases legal exposure for industrial contractors across India's energy and heavy-industry sectors. For Vedanta, already navigating a complex multi-jurisdiction operating environment, the case adds regulatory and reputational risk to a facility-level safety failure. The investigation remains in early stages, and findings on whether systemic maintenance lapses or a discrete procedural failure caused the fuel buildup will shape both the criminal proceedings and any parallel regulatory action by industrial safety authorities. The contractor's identity and the plant's operational oversight structure will be central to how liability is ultimately apportioned.
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.