Indian shares tumble, rupee slips to record low on surging oil prices

Petronet LNG

04/03/2026 06:33

** Indian shares extend their slump and the rupee slides to a record low on a surge in oil prices due to escalating military conflict in the Middle East

** Benchmark Nifty 50 .NSEI and Sensex .BSESN down about 2% each, with all 16 major sectors logging losses

** Broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 lose 2.6% each

** Other Asian markets .MIAPJ0000PUS tumble 4.8% on the day, on worries that a prolonged Mideast war could deliver an energy shock MKTS/GLOB

** Brent crude LCOc1 jumps 2.3% to $83.3 per barrel, climbing over 17% in four sessions, on intensifying U.S.-Israel clashes with Iran O/R

** Higher oil prices and trade disruptions weigh on large importers of the commodity, such as India, placing downward pressure on the rupee and having adverse implications for the current account and fiscal deficit, as well as inflation

** Volatility .NIFVIX jumps to 21.28, highest in 10 months

** Among stocks, Larsen & Toubro LART.NS, which has significant exposure to the Middle East region, slides 6.3% after losing 5% in the previous session

** Petronet LNG PLNG.NS, Gail GAIL.NS, Gujarat Gas GGAS.NS and Indraprastha Gas IGAS.NS decline after Qatar halts LNG production, rising India's gas supply

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))