Stock Market Crash: Nifty plunges over 400 points as geopolitical tensions wipes out ₹7 lakh crore

India's equity markets saw a sharp plunge on Friday, June 13, after rising geopolitical tensions in the Middle East resulted in a sharp spike in Crude Oil prices.

The Nifty opened 415 points lower below the 24,500 mark, while the Sensex saw a drop of over 1,200 points in the early minutes of trading. The Midcap index has also declined by a similar quantum, while the Smallcap index is down by 400 points at the start of trade.

Situation in the Middle East deteriorated earlier this morning after Israel launched targeted attacks on Iran after the latter was censured by the UN Nuclear Watchdog due to non-compliance. Iran has also vowed retaliation to the attacks.  The developments have resulted in a 12% jump in Brent Crude, thereby hurting India's downstream oil refiners.