Indian Shares Deep In Red As US-Iran Conflict Deepens
(RTTNews) - Indian shares were sharply lower in early trade on Monday after U.S. President Donald Trump signaled the U.S.-Israeli military assault on Iranian targets could continue for weeks.
Israel launched new air strikes targeting Tehran and expanded its military campaign to include attacks on Iran-backed Hezbollah militants in Lebanon, suggesting the conflict may spread across the Middle East.
The benchmark BSE Sensex was down 682 points, or 0.8 percent, at 80,605 while the broader NSE Nifty index fell by 233 points, or 0.9 percent, to 24,945.
Shares of Adani Ports & Special Economic Zone fell more than 2 percent. As geopolitical tensions escalate, Haifa Port stated that its port assets and infrastructure remain fully secure and operational.
Tata Motors Passenger Vehicles lost nearly 2 percent despite reporting a 35 percent year-on-year increase in total sales for February.
SpiceJet plummeted 4.5 percent after an unfavorable court ruling in a share transfer case.
Larsen & Toubro and Indigo both plunged around 4 percent while Bajaj Finance and Asian Paints were down around 2 percent each.
Upstream oil companies such as ONGC and Oil India were modestly higher as oil prices surged above $80 a barrel following U.S. and Israeli strikes on Iran and the Islamic Republic's retaliatory attacks across the region.
Bharti Airtel was slightly higher after unveiling a partnership with Google to deliver a safer and more interactive messaging experience for users across India.
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