Rs 6.35 lakh crore wiped out as oil spike and war fears grip markets
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Mumbai: Indian stocks and the rupee slumped while precious metals soared Monday, with investors cutting back on risk in the face of the full-blown conflict between US-Israel and Iran. The sell-off eroded BSE-listed companies' market value by Rs 6.35 lakh crore. Oil jumped nearly 8% as concerns over supply disruptions in West Asia - the world's top energy hub - drove up prices, underscoring India's vulnerability as a net importer. NSE's Nifty fell 312.95 points, or 1.2%, to close at 24,865.70. BSE's Sensex declined 1048.34 points or 1.3% to end at 80,238.85. "The markets are reacting to the unprecedented geopolitical events in the Gulf," said Nilesh Shah, MD, Kotak Asset Management. "The Street is concerned about price as well as availability of oil and safety of our nine million plus citizens in West Asia and the flow of remittance," said Shah. Live Events Agencies Import Bill may Rise Brent ...