Indian Shares Slump As US-Iran Tensions Escalate
(RTTNews) - Indian shares were deep in the red on Monday as oil prices remained elevated due to an escalating Middle East conflict, which entered its fourth week.
U.S. President Donald Trump has threatened to "hit and obliterate" Iran's power plants if Tehran does not reopen the Strait of Hormuz— a vital artery for global energy flows — within 48 hours.
Tehran warned of retaliation, threatening to close the strait and target energy infrastructure and desalination facilities in the Gulf if the U.S. carries out its ultimatum.
The benchmark BSE Sensex was down 1,352 points, or 1.8 percent, at 73,180 in early trade while the broader NSE Nifty index plunged 443 points, or 1.9 percent, to 22,672.
Among the prominent decliners, IndiGo, Titan Company, BEL, Adani Ports, SBI, Bajaj Finance and Tata Steel plummeted 3-4 percent.
HDFC Bank slumped 2.6 percent on reports it has asked three executives to step down over allegations of misselling.
Larsen & Toubro was down over 2 percent. The engineering & construction giant has said 95 percent of its Middle East operations remain unaffected by the Middle East conflict, but ongoing logistical issues could delay revenue if they last over three months.
Reliance Power lost 3 percent and Reliance Infrastructure declined 2 percent as the CBI intensified its probe into a bank fraud case involving Anil Ambani and Reliance Communications.
Vedanta shares slumped more than 5 percent. The company has moved the National Company Law Appellate Tribunal, contesting the NCLT's decision allowing the Adani Group to acquire Jaiprakash Associates for Rs. 14,535 crore.
Tata Capital fell nearly 2 percent after receiving a Rs. 413-crore tax demand.
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