India's Stocks Tumble as Iran-US Clashes Fuel Oil Price Worries

Indian stock markets plummeted on September 2 as tensions between Iran and the US escalated, sparking fears of oil price hikes. The Nifty 50 index dropped 0.82% to 23,858, while the Sensex declined 0.61% to 76,471.32 in early trade.

The Brent crude price neared $96.50 a barrel, causing investors to worry about potential disruptions around the Strait of Hormuz. This could lead to higher oil prices for India, increasing its import bill and putting pressure on inflation, the rupee, and corporate margins.