A surge in crude oil prices sent Indian stocks to their steepest drop this year as investors rushed to sell shares on Monday, fearing that rising oil prices will stoke inflation and lead to fiscal slippages in Asia’s third-largest economy.
Sensex fell 495.10 points, or 1.26%, to 38,645.18 at the close of trading, while the NSE Nifty index dropped 1.35% to 11,594.45.
Crude oil rose to a six-month high after the Trump administration in the US said it won’t renew Iran oil waivers once they expire.
