Indian Shares Extend Slump For Third Day; IT Stocks Worst Hit
(RTTNews) - Indian shares slumped on Friday, with benchmark indexes Sensex and Nifty extending losses for a third day running, as U.S.-Iran peace talks showed little progress and the Strait of Hormuz remained effectively closed, sending oil prices soaring toward $107 a barrel.
Tensions rose after Iran flaunted its tightened grip over the key Strait of Hormuz and U.S. President Donald Trump said he has ordered the Navy to "shoot and kill any boat" that is putting mines in the waters of the Strait of Hormuz.
Trump said the United States is not rushing to resolve the conflict with Iran, describing Iran's leadership as being in turmoil.
Media reports suggested that Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from U.S. negotiations, signaling a shift toward hardline unity.
The benchmark BSE Sensex plunged 982.71 points, or 1.27 percent, to 76,681.29, with selling seen across the board.
The broader NSE Nifty index plummeted 275.10 points, or 1.14 percent, to 23,897.85, while the BSE mid-cap and small-cap indexes fell 0.9 percent and 1.2 percent.
The market breadth was weak on the BSE, with 2,904 shares falling while 1,326 shares declined and 159 shares closed unchanged.
IT stocks tanked, with Infosys tumbling more than 7 percent following weak Q4 earnings. Peers Tech Mahindra, TCS and HCL Technologies slumped 4-6 percent.
Among other prominent decliners, Sun Pharma lost 3.7 percent while Hindustan Unilever, ICICI Bank and Asian Paints all fell around 2 percent.
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