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Tata Steel plunged 8% to Rs 194.43 amid a broader commodities selloff and sharp decline in metal stocks. Escalating Iran–Israel tensions, soaring crude prices, FII selling and slowdown fears dragged Sensex and Nifty lower despite the stock’s strong one-year outperformance.
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Indian equities slide over 6% from peaks as US–Israel–Iran tensions push crude to 19-month highs. Midcaps are hit hardest, with several stocks plunging 40–50%. FII and mutual fund activity shows selective buying even as broader risk appetite weakens.
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Indian sugar stocks rallied up to 18% after Strait of Hormuz disruptions lifted crude prices, raising expectations that Brazil will divert more cane to ethanol over sugar. Tighter global supply outlook and firmer sugar prices fueled sharp gains across sector counters.
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Shares of InterGlobe Aviation fell 5% to Rs 4,293, while SpiceJet plunged 8% to Rs 13.95, as the Iran-Israel conflict escalated. Rising crude prices, rupee weakness, and international flight cancellations threaten airline revenues. Geopolitical tensions could persist for weeks. US President Donald Trump warned that both sides have ruled out negotiations, keeping investor sentiment under pressure.
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Dubai and Abu Dhabi stock markets experienced significant drops upon reopening after a two-day closure following Iran’s missile and drone attacks. Major indices saw their steepest declines since May 2022, with blue-chip companies and financial institutions leading the losses. Both exchanges implemented a temporary -5% price limit for securities.
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