Alibaba Group is reportedly exiting its stake in India's Eternal, a company that operates food delivery through Zomato and quick commerce via Blinkit, in a block deal valued at 53.75 billion rupees ($613 million). The transaction involves Antfin Singapore, Alibaba's financial unit, which currently holds a 2.08% stake and will offload all of it at a floor price of 285 rupees per share, representing a 4.6% discount to Eternal's closing price on Wednesday.

Microsoft surpassed a $4 trillion market cap, driven by strong cloud performance and revenue growth. Apple reported record iPhone sales with 13% YoY growth. TCS announced layoffs due to skill mismatches. Xiaomi and Vivo launched new smartphones in India. Zomato co-founder Deepinder Goyal invested in LAT Aerospace, an Indian aviation startup. Reliance Jio introduced JioPC, a cloud computing service. Lava launched a budget smartphone with long battery life.

Swiggy, India's leading online food delivery platform, reported a nearly doubled quarterly loss due to increased marketing expenses in a highly competitive market. Revenue grew 54% to 49.61 billion rupees, but expenses rose 60% to 62.44 billion rupees, driven by sales promotions. The company expanded to 127 cities, scaled Instamart, and faced competition from rivals like Zomato, BigBasket, and Amazon.

India's Enforcement Directorate (ED) issued a foreign exchange management (FEMA) notice worth Rs 1,654.35 crore against Myntra, a Flipkart-owned e-commerce platform, for allegedly violating foreign investment rules. The ED claims Myntra misrepresented its business model as a 'wholesale cash and carry' operation to attract foreign investment but instead sold goods to Vector E-Commerce Pvt Ltd, which then distributed them to consumers. The investigation highlights concerns over foreign-backed e-commerce platforms bypassing India's FDI policies, which restrict direct foreign participation in wholesale business. Myntra, acquired by Flipkart in 2014 and later by Walmart, faces scrutiny alongside other platforms like Amazon, Zomato, and Swiggy for alleged regulatory violations.

Eternal, parent company of Zomato, has expanded its District vertical into the fashion industry by launching a clothing and accessories app, competing with Amazon, Flipkart, Myntra, Nykaa, and Ajio. The move follows a 70% revenue increase but a 90% decline in earnings, attributed to investments in quick commerce and 'going-out' businesses.