Aerwins, which also sells drones and related technology, says its hoverbike can fly for up to 40 minutes and up to 100 kph (62 mph). It has pitched the bike as a tool for rescue workers, infrastructure inspection and as a showpiece for public entertainment.

The new law, once passed by parliament would regulate mergers and acquisitions.

The Ministry of Electronics and Information Technology (MeitY) last week ordered blocking of 232 apps, based on an emergency request issued by a nodal officer of the home ministry, against 138 betting and gambling websites and 94 loan apps that were engaging in illegal money laundering and posing a threat to financial security of the country.

The dating company joins Big Tech firms and Wall Street titans in reducing staff as they strive to cut costs amid concerns of a recession.