New Delhi, March 9 Shares of oil marketing companies and paint manufacturers plunged on Monday morning trading amid a sharp increase in crude oil prices due to the escalating conflict in the Middle East.
Hindustan Petroleum Corporation Ltd fell by 8.67 per cent, Bharat Petroleum Corporation Ltd dropped by 8.43 per cent, and Indian Oil Corporation declined by 7.29 per cent on the BSE.
Brent crude, the global oil benchmark, surged by 24.71 per cent to USD 112.51 per barrel.
Asian Paints fell by 5.12 per cent, Indigo Paints dropped by 4.83 per cent, Berger Paints lost 4.80 per cent, and Kansai Nerolac Paints declined by 4.72 per cent.
The 30-share BSE Sensex crashed by 2,494.35 points or 3.16 per cent to 76,424.55. The 50-share NSE Nifty tumbled by 752.65 points or 3 per cent to 23,697.80.
"Near-term sentiment remains under pressure due to escalating tensions in the Middle East, which have kept crude oil prices elevated and intensified concerns over inflation risks and India's rising import bill," said Ponmudi R, CEO of Enrich Money, a line trading and wealth tech firm.
The US and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran's supreme leader.
Following the military offensive, Iran has carried out a series of attacks, mainly targeting Israeli and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.
