Indian Shares Slump As Middle East Conflict Escalates
(RTTNews) - Indian shares opened sharply lower on Thursday as investors reacted to hawkish policy signals from the U.S. Federal Reserve and escalating geopolitical tensions, with Israel and Iran striking Iranian and wider Middle East energy assets.
The benchmark BSE Sensex was down 1,703 points, or 2.2 percent, at 75,000 in early trade while the broader NSE Nifty index slumped by 524 points, or 2.2 percent, to 23,254.
HDFC Bank shares plunged 5 percent. Part-time Chairman of the bank and Independent Director, Atanu Chakraborty, has resigned from the board with immediate effect, citing 'ethical' concerns.
Mahindra & Mahindra, Asian Paints, Kotak Mahindra Bank, Trent, Axis Bank, Larsen & Toubro, Bajaj Finance and Eternal tumbled 3-4 percent.
Airline stocks tumbled, with Inter Globe Aviation falling 2.6 percent and SpiceJet declining over 1 percent, as Brent crude prices climbed above $112 per barrel in early Asian trade following major energy facilities in Iran and Qatar.
Ultratech Cement fell 2.7 percent. The company has signed an agreement to acquire a 26.18 percent stake in Sunsure Solarpark for Rs. 19.2 crore.
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