Stocks tank after Russia attacks Ukraine, Sensex falls most in 2 years

Benchmark index slumps 2,702 points as conflict sends oil soaring to a more than 7-year high

India’s equity benchmarks fell the most in almost two years on Thursday after Russia’s pre-dawn attack on Ukraine sent crude oil soaring past $100 a barrel to a more than seven-year high, spurring fears the conflict could fan inflation and retard growth in a global economy still recovering from the COVID-19 pandemic.

The S&P BSE Sensex tanked 2,702 points, or 4.72%, to 54,529.91. This was the Sensex’s 4th biggest fall by points and the most since March 23, 2020, when it had slumped 3,934.72 points on the eve of the nationwide lockdown to check the spread of the coronavirus.

On Thursday, bank, auto and IT stocks led the losses.

The top losers were IndusInd Bank (7.88%), M&M (6.34%), Bajaj Finance (6.02%), Axis Bank (5.99%) and Maruti Suzuki (5.75%).

The rupee also weakened by 99 paise against the dollar to close at 75.60.

The NSE Nifty 50 index plunged 4.78% to 16,247.95.