New Delhi, March 19 – Equity investors' wealth eroded by ₹12.87 lakh crore on Thursday as stock markets plunged, with the benchmark Sensex falling by over 3%, driven by a spike in crude oil prices due to increasing attacks on energy infrastructure in West Asia.
Investors have lost over ₹37 lakh crore since the West Asia crisis erupted on February 28.
The 30-share BSE Sensex, which had been on a three-day winning streak, plunged 2,496.89 points or 3.26% – its biggest single-day fall since June 2024 – to close at 74,207.24, a level not seen since April 7, 2025. During the day, it fell 2,753.18 points or 3.58% to 73,950.95.
The market capitalization of BSE-listed companies plummeted sharply by ₹12,87,273.89 to ₹4,26,13,557.95 (USD 4.61 trillion) in a single day.
"Indian equity markets witnessed a sharp reversal today, breaking their three-day recovery rally and closing significantly lower, with benchmark indices declining by nearly 3.3%.
"The sell-off was largely driven by a fresh escalation in geopolitical tensions in the Middle East, where renewed attacks between Israel and Iran targeting critical oil and LNG infrastructure have reignited concerns over global energy supply disruptions," Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
Brent crude, the global oil benchmark, soared 6.21% to USD 114 per barrel.
"The sharp rise in crude oil prices, driven by escalating tensions in the Middle East and concerns over supply disruptions, pushed prices closer to the USD 119 mark, adding to the negative sentiment. Furthermore, a hawkish stance from the US Federal Reserve, along with continued foreign institutional investor outflows, weighed heavily on market sentiment," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
From the 30-Sensex firms, Eternal, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Larsen & Toubro and InterGlobe Aviation were among the major laggards.
HDFC Bank dropped 5.13% after its chairman, Atanu Chakraborty, resigned, citing ethical concerns.
The BSE MidCap Select index tumbled 3.34% and the SmallCap Select index dropped 2.77%.
All sectoral indices ended lower. Auto dived 4.07%, followed by realty (3.79%), financial services (3.66%), consumer discretionary (3.62%), BSE Top 10 Banks (3.53%), industrials (3.49%), services (3.44%), BSE Focused IT (3.41%) and consumer durables (3.38%).
A total of 3,192 stocks declined, while 1,051 advanced and 161 remained unchanged on the BSE.