Indian Shares Slump As Russian Oil Waiver Ends
(RTTNews) - Indian shares were deep in the red on Monday after the U.S. allowed a waiver on Russian oil sales to expire and several Gulf countries reported drone attacks, sending oil prices sharply higher and marking a dangerous escalation in the Middle East conflict.
The benchmark BSE Sensex was down 958 points, or 1.3 percent, at 74,279 in early trade, while the broader NSE Nifty index plummeted by 298 points, or 1.3 percent, to 23,347.
Tata Steel slumped 4 percent despite the company more than doubling its Q4 net profit.
Godfrey Philips India plunged 5.5 percent, ITC Hotels dropped 1.4 percent, Power Grid Corporation of India tumbled 3.7 percent, SAIL slid 1.3 percent and Balrampur Chini Millis declined 2.6 percent after announcing their quarterly earnings results.
Adani Ports and SEZ lost 2.7 percent as it entered into a share purchase agreement to acquire a 51 percent stake in Meridian Transportes Maritimos SA.
REC and PFC fell more than 3 percent each after their boards cleared a proposal for merger of the two companies.
RBL Bank shares were down nearly 3 percent. The government has cleared Emirates NBD Bank's proposal to acquire up to a 74 percent stake in RBL Bank.
Coal India edged up slightly after the government cleared a proposal for the listing of its subsidiary Mahanadi Coalfields.
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