Top stories: Markets slip, rupee hits record low, labour codes kick in, global tech selloff & more

A volatile end to the week saw Indian markets lose ground even as they notched a second straight week of gains. The Sensex and Nifty slipped, dragged by midcap weakness, while the rupee fell to a fresh record low of 89.48 against the US dollar as global risk sentiment deteriorated.

Overseas, US equities are on track for their worst week since April, with an AI-led rout dragging tech heavyweights and Bitcoin deep into correction territory.Back home, the government’s long-awaited labour overhaul finally took effect, with the four Labour Codes replacing 29 existing laws.

In corporate developments, Mahindra Group laid out one of its most expansive decade-long growth blueprints, spanning autos, renewables, real estate and aerospace. AAI, meanwhile, is preparing a ₹17,000-crore upgrade of India’s airspace infrastructure in its largest-ever ATC modernisation push.

Global headlines remained tense: a Tejas fighter jet crashed at the Dubai Air Show, President Zelenskyy agreed to work on a US-drafted peace plan, and Washington unveiled new sanctions hitting an India-linked entity.Stay tuned — here are today’s top stories.

US stocks set for worst week since April on AI rout



US stocks were headed for their worst week since April as worries over lofty valuations deepened a pullback from the market’s most speculative corners, including technology shares and Bitcoin. Futures on the S&P 500 fell 0.4% after erasing gains, underscoring the market’s fragility. Nasdaq 100 contracts slipped 0.7%. Bitcoin headed toward $82,000, extending its slump from an all-time high to more than 30%.

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Rupee hits all-time low of 89.48 against US dollar



The Indian rupee extended its decline on Friday (November 21), dropping to an all-time low of 89.48 against the US dollar, as weakening risk sentiment and reduced expectations of a US Federal Reserve rate cut continued to weigh on emerging-market currencies.

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Government enforces four Labour Codes, overhauling 29 existing laws



In a landmark reform, the government on Friday, November 21, announced the implementation of the four Labour Codes, effectively replacing 29 existing labour laws with a modern, consolidated framework.

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Also Read: Explainer: Who benefits from India’s new Labour Codes and how?

Indian firm among global entities hit in fresh set of sanction by US over oil trade with Iran



The US Department of the Treasury has announced a new round of sanctions targeting Iran’s shadow oil network, naming companies and individuals across several countries, including an India-based shipping operator.

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Mahindra Group: CEO Anish Shah maps out plan for a decade of hyper-growth



Mahindra Group’s top leadership used the conglomerate’s Investor Day platform to lay out one of the broadest multi-business expansion plans seen in recent years, detailing aggressive decade-long targets across autos, finance, renewables, real estate, leisure hospitality and aerospace. 

From 8x growth ambitions in SUVs and LCVs to a 14x scale-up in real estate pre-sales and a 12x leap in aerostructures revenue, the Group signalled a coordinated push towards hyper-scaling, backed by strong execution cues from each CEO. Executives emphasised that while growth momentum is already visible, the next phase will demand strict capital discipline, higher profitability and seamless delivery across businesses.

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Tejas fighter jet crashes at Dubai Air Show, pilot dead; IAF initiates probe



IAF's Tejas fighter jet crashed during a demonstration at the Dubai Air Show at on Friday (November 21) afternoon.

Indian Air Force (IAF) confirmed the pilot's death, saying he "sustained fatal injuries" in the accident and formed a court to investigate the cause of the accident.

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Exclusive: AAI plans ₹17,000 cr investment to expand airspace capacity



The Airports Authority of India (AAI) has launched its largest ever modernisation of air navigation services to expand the country’s airspace capacity. The programme will upgrade, revamp or build 65 air traffic control (ATC) towers by 2029, with an investment estimated at ₹15,000–17,000 crore. Around 60% of the expenditure will go towards civil works and 40% towards technology.

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Ukraine President Zelenskyy says he agreed to work on US draft plan to end war



Ukrainian President Volodymyr Zelenskyy said he’s agreed to work on a peace plan drafted by the US and Russia and expects to talk with Donald Trump in the coming days about the proposals.

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CJI Gavai’s legacy splits legal voices as Sanjoy Ghose flags political fallout, Gopal Jain cites right balance



Justice BR Gavai’s final week as India’s 52nd Chief Justice drew intense scrutiny, with Senior Advocate Sanjoy Ghose arguing that several of his last decisions failed to account for political realities.

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Magic of Vantara: Donald Trump Jr visits world's largest wildlife rescue and rehabilitation centre in Jamnagar



Donald Trump Jr, son of US President Donald Trump, visited Vantara, a wildlife rescue and rehabilitation centre at Jamnagar in Gujarat, on November 20. According to PTI, Trump Jr visited the world's largest wildlife rescue and rehabilitation centre which is the brainchild of Director of Reliance Industries Anant Ambani, on an invitation from the Ambani family.

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