Indian stocks tanked on Tuesday, wiping off about $115 billion from the market value of firms listed on the National Stock Exchange, as fading hopes for a US-Iran deal worsened the outlook for Asia's third-largest economy, reports Reuters.
The country of 1.4 billion people braced for tough measures after Prime Minister Narendra Modi urged lower use of fuel and fertilisers and curbs on overseas travel and imports, as a surge in global energy prices pressures foreign exchange reserves.
The rupee, Asia's worst-performing currency in 2026 so far, fell to a record low as crude hovered near $107 per barrel and outflows continued unabated, hammering stocks across sectors.
"The pressure on equities is now being amplified by a macro 'triple hit' of higher crude prices, rupee slipping to record low and continued aggressive foreign outflows," said Hariprasad K, founder of Livelong Wealth.
Indian shares post worst drop in 6 weeks
FE Team | Published: May 12, 2026 21:41:40
Indian shares post worst drop in 6 weeks
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