MUMBAI: Indian shares suffered their worst fall in a month on Monday, as a surge in crude oil prices to nearly USD120 per barrel fueled concerns over growth and inflation in Asia’s third-largest economy, one of the world’s largest oil importers.
Oil prices surged as much as 28.9 percent to their highest since mid-2022 as the Iran war dragged on and Tehran named Mojtaba Khamenei as successor to his father, Ali Khamenei, as the supreme leader.
Higher crude prices pose a significant challenge for India, the world’s third-largest oil importer, as they worsen raise price pressures in the economy and amplify pressure on the rupee, which slumped to a record low against the US dollar.
India’s blue-chip Nifty 50 index slid 1.73 percent to a 10-month closing low of 24,028.05 with volatility surging to a 21-month high.
Comments