 Daily Top 5 |
Tata to probe TCS Nashik case; Sharon Pais takes over Myntra
Want this newsletter delivered to your inbox?
I agree to receive newsletters and marketing communications via e-mail
Thank you for subscribing to Daily Top 5
We'll soon meet in your inbox.
Tata Sons chairman N Chandrasekaran has ordered a probe into the sexual harassment case at TCS Nashik. This and more in today's ETtech Top 5.
Also in the letter:
■ YC partner on India's startups
■ Ola Electric's sharp fall
■ Indian IT stocks' downturn
N Chandrasekaran, chairman, Tata Sons
Tata Sons chairman N Chandrasekaran has ordered a thorough investigation into allegations arising from TCS’s Nashik office, calling them “gravely concerning”.
What's the case: The case involves accusations of sexual harassment, coercion and pressure related to religious conversion at the Nashik unit of TCS. Eight employees filed police complaints alleging senior colleagues harassed them and HR ignored repeated grievances, after which police arrested seven people, including the company’s female HR manager.
Probe details: The probe is being led under TCS chief operating officer Arathi Subramanian.
"This incident is being treated with utmost seriousness. Action has already been initiated against the accused employees, and the company is extending its full cooperation to the ongoing investigations," Chandrasekaran said in a statement.
Tell me more: A local court has extended the police custody of the female HR manager till April 15.
IT sector employees' body NITES has approached the Ministry of Labour and Employment seeking a detailed audit of POSH compliance in TCS. The body has called for a wider state-level audit across tech and ITES companies, especially large multinational organisations in Maharashtra.
Sharon Pais, head of Myntra
Myntra's new chief, Sharon Pais, is stepping in with a clear first priority: to turn its quick-service M-Now into a habit for impatient, premium shoppers, she told ET.
Driving the news: The rapid commerce service, which promises beauty and fashion deliveries in 30–60 minutes, is now live across 10 cities and more than 940 pin codes.
“We are scaling M-Now to meet changing customer expectations. They are looking for ‘immediacy’ in premium fashion and beauty, often driven by specific occasions or topical social moments,” Pais said.
Leadership transition: Pais takes over from outgoing CEO Nandita Sinha. Flipkart group CEO Kalyan Krishnamurthy confirmed the change in an internal note, saying Pais will lead Myntra and report to him. “She has worked closely with the team over the years and understands the business well,” he wrote.
Sinha will stay on briefly in an advisory role to smooth the handover. ET first reported her exit on April 2.
Also Read: Inside IPO-bound Flipkart’s C-suite: How the leadership team stacks up
Performance: Myntra remains Flipkart’s star performer. Under Sinha, it swung to profitability in FY24 and went on to post a net profit of Rs 548 crore in FY25, with revenue up 18% to Rs 6,034 crore.
Ankit Gupta, general partner, Y Combinator
In an exclusive interview ahead of Y Combinator Startup School India 2026, Ankit Gupta said India now sits on a deep reservoir of startup ideas, powered by “great raw technical talent.”
YC's India push: Gupta stressed that the accelerator remains intent on backing Indian founders. “One of my best companies from the last batch is two guys from India who moved to San Francisco,” he said, holding them as an example of how far local talent can travel given the right backing.
He also flagged a visible shift. More startups are choosing to remain anchored in India instead of fully relocating to the US. That change, he said, is tied to evolving regulations at home and the growing pull of India’s public markets.
“....for companies that want to be based in India, sell to the Indian market, and IPO in India, we’re happy to support them too,” Gupta added.
Also Read: Y Combinator brings Startup School to India; here is what it means for your startup
India's AI position: Gupta argued that India has the key ingredients to compete against countries like US and China in the race to build cutting-edge AI products, citing companies like Sarvam AI as early signs of that promise, while conceding the journey is still in its early stages.
Capital distribution: For all the energy and ambition, Gupta noted that capital remains unevenly spread. A handful of large firms command a disproportionate share of funding, while seed stage founders are left jostling for a much smaller pool of money, despite what he called an “insane number of possibilities”.
Read the full interview here.
Bhavish Aggarwal, CEO, Ola Electric
Electric vehicle (EV) maker Ola Electric slipped as much as 7% on Monday, as investors locked in gains after a blistering 40% rally over the three previous sessions.
What led the rally: The stock had raced ahead on signs of production progress, stronger demand and a series of operational tailwinds.
Source: Google Finance
The company had recently said its in-house LFP battery is ready for production, a step that could ease costs and make its vehicles more accessible. It also secured PLI certification for a key model, while March 2026 data pointed to a sharp recovery in orders and registrations.
Yes, and: Ola Electric also recently crossed one million cumulative registrations in March, becoming the first EV brand in India to reach that mark. The milestone has not erased questions about the company’s financial health. It remains in the red, with a net loss in the December quarter and revenue shrinking over recent periods.
What next: As legacy automakers and deep-pocketed rivals chip away at its market share, CEO Bhavish Aggarwal is now living with the aftershocks of rapid expansion. His decision to double down on batteries and slash prices to ride the renewed interest in EVs has helped the stock’s surge.
We wrote on Sunday that if Aggarwal can stitch together a durable business around batteries, there is still a sizeable opportunity waiting for him on the other side of this volatility.
Indian IT stocks are facing a fresh bout of unease after Anthropic’s preview of Mythos, a model that analysts say could sharpen the pressure on traditional services.
What's the word: Kotak Institutional Equities said the model delivers an unusually large jump in software engineering and warned this could weigh on valuations across IT services.
Motilal Oswal added that "Mythos shows that model capabilities are moving ahead quickly, with AI now extending beyond coding and ERP into areas like cybersecurity,” hinting at a future where more layers of work can be automated or radically reshaped.
Source: Google Finance
Also Read: ETtech Explainer: Why Anthropic’s new AI model Mythos is a moment of reckoning
What still limits its impact: For now, Mythos has not yet been released to the public. Its real-world performance remains untested, which keeps some of the more aggressive scenarios in the realm of possibility rather than inevitability. Even so, analysts say the preview alone is enough to deepen concerns around application services, especially for firms that live off large, custom development contracts.
Also Read: Claude Mythos Preview access goes to Big Tech first: Who’s on the list and why it matters
Also in the letter:
■ YC partner on India's startups
■ Ola Electric's sharp fall
■ Indian IT stocks' downturn
Tata Sons chairman N Chandrasekaran orders probe into TCS Nashik case
Tata Sons chairman N Chandrasekaran has ordered a thorough investigation into allegations arising from TCS’s Nashik office, calling them “gravely concerning”.
What's the case: The case involves accusations of sexual harassment, coercion and pressure related to religious conversion at the Nashik unit of TCS. Eight employees filed police complaints alleging senior colleagues harassed them and HR ignored repeated grievances, after which police arrested seven people, including the company’s female HR manager.
Probe details: The probe is being led under TCS chief operating officer Arathi Subramanian.
"This incident is being treated with utmost seriousness. Action has already been initiated against the accused employees, and the company is extending its full cooperation to the ongoing investigations," Chandrasekaran said in a statement.
Tell me more: A local court has extended the police custody of the female HR manager till April 15.
IT sector employees' body NITES has approached the Ministry of Labour and Employment seeking a detailed audit of POSH compliance in TCS. The body has called for a wider state-level audit across tech and ITES companies, especially large multinational organisations in Maharashtra.
Sharon Pais takes over from outgoing Myntra CEO Nandita Sinha, says M-Now will be big growth driver
Myntra's new chief, Sharon Pais, is stepping in with a clear first priority: to turn its quick-service M-Now into a habit for impatient, premium shoppers, she told ET.
Driving the news: The rapid commerce service, which promises beauty and fashion deliveries in 30–60 minutes, is now live across 10 cities and more than 940 pin codes.
“We are scaling M-Now to meet changing customer expectations. They are looking for ‘immediacy’ in premium fashion and beauty, often driven by specific occasions or topical social moments,” Pais said.
Leadership transition: Pais takes over from outgoing CEO Nandita Sinha. Flipkart group CEO Kalyan Krishnamurthy confirmed the change in an internal note, saying Pais will lead Myntra and report to him. “She has worked closely with the team over the years and understands the business well,” he wrote.
Sinha will stay on briefly in an advisory role to smooth the handover. ET first reported her exit on April 2.
Also Read: Inside IPO-bound Flipkart’s C-suite: How the leadership team stacks up
Performance: Myntra remains Flipkart’s star performer. Under Sinha, it swung to profitability in FY24 and went on to post a net profit of Rs 548 crore in FY25, with revenue up 18% to Rs 6,034 crore.
India has strong pipeline of ideas, keen to back local founders: Y Combinator's Ankit Gupta
In an exclusive interview ahead of Y Combinator Startup School India 2026, Ankit Gupta said India now sits on a deep reservoir of startup ideas, powered by “great raw technical talent.”
YC's India push: Gupta stressed that the accelerator remains intent on backing Indian founders. “One of my best companies from the last batch is two guys from India who moved to San Francisco,” he said, holding them as an example of how far local talent can travel given the right backing.
He also flagged a visible shift. More startups are choosing to remain anchored in India instead of fully relocating to the US. That change, he said, is tied to evolving regulations at home and the growing pull of India’s public markets.
“....for companies that want to be based in India, sell to the Indian market, and IPO in India, we’re happy to support them too,” Gupta added.
Also Read: Y Combinator brings Startup School to India; here is what it means for your startup
India's AI position: Gupta argued that India has the key ingredients to compete against countries like US and China in the race to build cutting-edge AI products, citing companies like Sarvam AI as early signs of that promise, while conceding the journey is still in its early stages.
Capital distribution: For all the energy and ambition, Gupta noted that capital remains unevenly spread. A handful of large firms command a disproportionate share of funding, while seed stage founders are left jostling for a much smaller pool of money, despite what he called an “insane number of possibilities”.
Read the full interview here.
Ola Electric shares fall 7% on profit booking after 40% three-day rally
Electric vehicle (EV) maker Ola Electric slipped as much as 7% on Monday, as investors locked in gains after a blistering 40% rally over the three previous sessions.
What led the rally: The stock had raced ahead on signs of production progress, stronger demand and a series of operational tailwinds.
The company had recently said its in-house LFP battery is ready for production, a step that could ease costs and make its vehicles more accessible. It also secured PLI certification for a key model, while March 2026 data pointed to a sharp recovery in orders and registrations.
Yes, and: Ola Electric also recently crossed one million cumulative registrations in March, becoming the first EV brand in India to reach that mark. The milestone has not erased questions about the company’s financial health. It remains in the red, with a net loss in the December quarter and revenue shrinking over recent periods.
What next: As legacy automakers and deep-pocketed rivals chip away at its market share, CEO Bhavish Aggarwal is now living with the aftershocks of rapid expansion. His decision to double down on batteries and slash prices to ride the renewed interest in EVs has helped the stock’s surge.
We wrote on Sunday that if Aggarwal can stitch together a durable business around batteries, there is still a sizeable opportunity waiting for him on the other side of this volatility.
Anthropic's new Claude Mythos model: A new threat in the waiting for Indian IT stocks?
Indian IT stocks are facing a fresh bout of unease after Anthropic’s preview of Mythos, a model that analysts say could sharpen the pressure on traditional services.
What's the word: Kotak Institutional Equities said the model delivers an unusually large jump in software engineering and warned this could weigh on valuations across IT services.
Motilal Oswal added that "Mythos shows that model capabilities are moving ahead quickly, with AI now extending beyond coding and ERP into areas like cybersecurity,” hinting at a future where more layers of work can be automated or radically reshaped.
Also Read: ETtech Explainer: Why Anthropic’s new AI model Mythos is a moment of reckoning
What still limits its impact: For now, Mythos has not yet been released to the public. Its real-world performance remains untested, which keeps some of the more aggressive scenarios in the realm of possibility rather than inevitability. Even so, analysts say the preview alone is enough to deepen concerns around application services, especially for firms that live off large, custom development contracts.
Also Read: Claude Mythos Preview access goes to Big Tech first: Who’s on the list and why it matters
Want this newsletter delivered to your inbox?
I agree to receive newsletters and marketing communications via e-mail