Losses in financial and energy stocks led Indian share markets to their worst day in 2019 on Monday, battered by rising oil prices that also pushed the rupee to a six-week low.
The benchmark BSE Sensex closed down 1.26 percent at 38,645.18, while the broader NSE Nifty ended 1.35 percent lower at 11,594.45. Both indexes saw their worst session since Dec. 21.
Brent crude prices topped $74 a barrel, the highest since November, with the United States set to announce a further clampdown on Iranian oil exports, tightening global supplies.
Reliance Industries Ltd dropped 2.9 percent in its worst day since Dec. 10 after the index heavyweight reported a weak quarter for its refining and petrochemical businesses.
ICICI Bank Ltd and Housing Development Finance Corporation Ltd fell 2.5 percent each, whileIndiabulls Housing Finance Ltd was the worst performer in the NSE index in percentage terms with an 8.3 percent drop.