Indian Shares Nosedive As Oil Surpasses $100 A Barrel
(RTTNews) - Indian shares nosedived on Monday, tracking a broader regional sell-off and declines in U.S. equity futures as oil prices surged past $100 per barrel for the first time since 2022 following production cuts by major Middle Eastern producers—including Kuwait, Iran, and the United Arab Emirates—after the closure of the Strait of Hormuz.
The benchmark BSE Sensex was down 2,192 points, or 2.8 percent, at 76,726 in early trade while the broader NSE Nifty index slumped 665 points, or 2.7 percent, to 23,782.
Among the prominent decliners, Axis Bank, Mahindra & Mahindra, Larsen & Toubro, Maruti Suzuki India, Asian Paints, Tata Steel, SBI and IndiGo plunged 4-8 percent.
UltraTech Cement tumbled 3.7 percent. The company has signed a pact to acquire a 26.20 percent stake in Sunsure Solarpark Thirty Eight Private Limited, a company engaged in the generation and transmission of renewable energy.
Tata Power Company lost over 2 percent after collaborating with Salesforce.
Gujarat Narmada Valley Fertilizers and Chemicals shares slumped 5.4 percent. The company said the ongoing war in the Middle East region has adversely impacted the supply of LNG.
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