Sensex tumbles 6,723 pts in 14 days
New Delhi: Investors' wealth eroded by Rs 33.68 lakh crore since the beginning of the West Asia conflict, which has now entered its 14th day. The conflict has rattled equity markets and driven oil prices sharply higher. The tense situation in West Asia has dragged the BSE Sensex lower by over 8 per cent so far this month.
The US and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran's supreme leader. Following the military offensive, Iran has carried out a wave of attacks targeting Israeli and American military bases in several Gulf countries.
Global oil and gas prices have surged after Iran virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman that handles roughly 20 per cent of global oil and LNG.
Brent crude, the global oil benchmark, surged to the $100 per barrel level. Since February 27, the 30-share BSE Sensex has tumbled 6,723.27 points or 8.27 per cent. The market capitalisation of BSE-listed companies eroded by Rs 33,68,419 crore to Rs 4,29,82,252.27 crore ($4.65 trillion) during this time. On Friday, the Sensex tumbled 1,470.50 points, or 1.93 per cent to 74,563.92 points.
