The Indian stock market witnessed a major slump in early trade on Friday. The BSE Sensex plunged over 1,100 points while the Nifty50 fell below the crucial 24,850 mark.
The massive sell-off comes in line with sharp declines across Asian markets after Israel’s military action against Iran escalated geopolitical tensions in the oil-rich Middle East region.
Sensex tanks to around 80,500
At around 9:20am the Sensex was down by a staggering 1,163 points or 1.42% at 80,528.
The Nifty50 also witnessed a sharp decline of 284 points or 1.13%, bringing it down to 24,608.
Among sectors, Nifty Oil & Gas emerged as the worst performer with a loss of about 1.6%. This was mainly due to losses incurred by Mahanagar Gas, IGL, BPCL, and IOC stocks.