Indian shares slide as ME conflict ratchets up oil prices

MUMBAI: Indian shares extended their slump on Wednesday, while the rupee hit a lifetime low and bonds slid as the Middle East conflict sent oil prices higher, raising inflation concerns and rattling financial markets globally.

The Nifty 50 fell 1.55 percent to a six-month closing low of 24,480.50 and the BSE Sensex shed 1.4 percent to an 11-month low of 79,116.19. The benchmarks have lost about 4 percent each in three sessions.

Other Asian markets slid 4.1 percent, with a record-breaking market crash in South Korea, on worries that a wider Middle East war could deliver an energy shock that raises inflation and delays rate cuts.

Brent crude futures rose 3.1 percent to USD83.95 a barrel by 10:00 GMT. They have gained about 18.7 percent in four sessions.