Stock market crash, Reliance Spinner, Instagram Teen

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Today is February 12. We’re covering the stock market crash, Reliance’s Spinner sports drink, Instagram Teen accounts, and more.

Business

Indian Markets Drop $180B After Trump’s Tariff Threat

Indian stocks have shed $180 billion in market value over the past two days after U.S. President Donald Trump announced plans for reciprocal tariffs on multiple countries. The NSE Nifty 50 and BSE Sensex slid 1.32% on Tuesday, bringing their two-day decline to over 2%. Mid-cap and small-cap indexes fell more sharply, dropping 5%. Nearly 87% of stocks on the National Stock Exchange ended in the red, with total market capitalization slipping to $4.67 trillion from $4.85 trillion.

Reliance Enters Sports Drink Market with ₹10 ‘Spinner’

Reliance Consumer Products Limited (RCPL) has launched Spinner, a new ₹10 sports drink co-created with cricket legend Muttiah Muralitharan. Aimed at fitness enthusiasts and everyday consumers seeking quick hydration, Spinner marks Reliance’s push into the sports beverage market, currently dominated by Coca-Cola and PepsiCo.

RCPL is betting big on the segment, targeting a $1 billion market opportunity within three years. Spinner’s affordability could make it a strong challenger to established global brands in India.

Two Senior Partners Exit Peak XV Amid Strategic Shift

Two senior partners at Peak XV, the Sequoia spin-off and one of the world’s largest VC firms, are leaving amid a broader strategy shift. Shailesh Lakhani, a 17-year veteran, and Abheek Anand, who co-led Southeast Asian investments, are departing the firm. Lakhani was instrumental in investments such as Minimalist (acquired by Hindustan Unilever for $350M), Ixigo, and Truecaller—both of which went public.

In October, Peak XV reduced its fund by over $400 million to $2.4 billion and cut management fees, reflecting growing caution in India's venture market.

Supreme Court: Husband Liable for Wife’s Stock Market Debt Based on Oral Agreement

The Supreme Court of India has ruled that a husband can be held jointly and severally liable for the debit balance in his wife’s stock trading account if there is an oral agreement and financial interdependence between them.

The case involved a stockbroker seeking recovery of a significant debt from the wife's account. The broker claimed that both spouses operated their accounts jointly, with funds transferred from the husband's account to cover losses. The arbitral tribunal ruled in favor of the broker, citing the husband’s involvement in transactions as sufficient evidence of liability. The Supreme Court upheld this decision.

Energy

Sanctioned Russian Oil Tanker Idles Off India’s Coast

A tanker carrying 1 million barrels of Russian crude from producer Surgutneftegas has been stationary off India’s west coast for two days, raising uncertainty over whether Indian authorities will allow the delivery. The vessel, Cordelia Moon, was scheduled to offload at Vadinar on Feb. 9 after departing from Russia’s Black Sea port of Novorossiysk. This comes as the US has sanctioned Russian oil shipments, including crude from Sakhalin Island, leaving 6.3 million barrels stranded on stationary vessels for over a week.

U.S. Coal Exports to India Set to Rise After China Tariffs

China’s decision to impose a 15% tariff on U.S. coal imports is expected to redirect American coal shipments to India, according to industry officials. Already, three U.S. cargoes initially bound for China have arrived in India, with ten more waiting, said Vasudev Pamnani, director at I-Energy Natural Resources. This shift could lower coal prices and impact the market shares of Australia and Russia, India’s primary suppliers. India is the world’s second-largest coal importer after China.

Tech, Media & Telecom

UK, US Decline to Sign Global AI Agreement at Paris Summit

The UK and US have refused to sign a new global AI agreement at the Paris AI Summit, citing concerns over national security and excessive global governance. The nonbinding agreement, signed by 60 nations, including India, China, France, Japan, Australia, and Canada, promotes an "open, inclusive, and ethical" approach to AI development.

U.S. Vice President JD Vance warned against overregulation, arguing it could "kill a transformative industry just as it's taking off." The UK government believed the agreement didn’t provide enough clarity on global governance and failed to address questions on national security.

Instagram Rolls Out Teen Accounts in India with Enhanced Safety Features

Instagram has launched Teen Accounts in India, introducing extra protective measures for young users in a market where it has over 350 million users. The feature limits unwanted interactions, enhances privacy settings, and gives parents greater oversight—allowing them to monitor who their children interact with (without seeing messages), set daily usage limits, and block access during specific hours. Meta first introduced Teen Accounts in 2024 across the U.S., U.K., Canada, and Australia.

Zeta Raises $50M, Hits $2B Valuation

Bengaluru-based banking software provider Zeta has secured $50 million from U.S. healthcare giant Optum, boosting its valuation to $2 billion—a 70% jump from its last funding round in 2021. Zeta, founded in 2015 by Bhavin Turakhia and Ramki Gaddipati, helps banks and fintech firms modernize their infrastructure for credit cards, loans, and checking accounts. Its leading customer in India is HDFC Bank, which also used Zeta’s technology to rebuild its PayZapp digital payments platform.

India Blocks 805 Apps, 3,266 Websites for National Security Reasons

Union Home Minister Amit Shah informed a parliamentary committee that 805 mobile apps and 3,266 website links have been blocked due to national security concerns. Additionally, India's cybercrime efforts have led to 1.43 lakh FIRs, identification of over 19 lakh mule accounts, and prevention of ₹2,038 crore in suspicious transactions through the Indian Cyber Crime Coordination Centre (I4C). The cybercrime.gov.in portal has been accessed by over 19 crore users.

Worth a Look

This piece by CNN explains the US-India trade relationship in four charts. It’s worth checking out in light of the recent tariff action and PM Narendra Modi’s upcoming meeting with President Donald Trump.

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See you tomorrow.