Indian Shares Plunge On Uncertainty Over US-Iran Talks
(RTTNews) - Indian shares opened sharply lower on Friday after U.S. President Donald Trump said he would delay a threatened strike on Iran's energy infrastructure and extend his deadline for Tehran to reopen the Strait of Hormuz until April 6.
Media reports suggest that Tehran didn't seek an extension, challenging Trump's statement and raising fresh uncertainty around the conflict.
Iran's local media reported that the country is mobilizing more than one million ground troops to fight against the United States.
The benchmark BSE Sensex plunged 1,080 points, or 1.43 percent, to 74,194 in early trade while the broader NSE Nifty index plummeted 332 points, or 1.4 percent, to 22,974.
Among the prominent decliners, Maruti Suzuki India, Bajaj FinServ, Kotak Mahindra Bank, Mahindra & Mahindra, Adani Ports, BEL, HDFC Bank, Larsen & Toubro, Reliance Industries, Eternal, IndiGo and Bajaj Finance fell 2-3 percent.
Power Mech Projects tumbled 3.4 percent. The company said that WBSEDCL has annulled the tender for a 250 MW Battery Energy Storage System (BESS) project worth Rs. 1,563 crore.
RACL Geartech lost over 2 percent after reporting intermittent constraints in LPG/PNG availability for industrial use.
Brigade Enterprises soared 8 percent after launching a new residential project in Bengaluru with an estimated revenue potential of Rs. 700 crore.
Azad Engineering rallied 3 percent on signing an 8-year pact with Japan's Mitsubishi Heavy Industries to be a single-source supplier for gas turbine parts.
