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India Stock Market Loses 5.5 Trillion Rupees Amid Energy Crisis
Top 4 losers:
State Bank of India (SBI) down -4.14%, banking sector pricing in a full economic slowdown as India's energy crisis deepens.
Titan Company down -6.72%, PM Modi directly asked 1.4 billion Indians to stop buying gold for a year. Titan makes jewellery.
ABB India down -8.77%, capital goods and manufacturing collapsing as energy costs make industrial operations unviable.
IndiGo down 4.8%, jet fuel costs have exploded and PM Modi just discouraged all foreign travel.
India's forex reserves have fallen by $38 billion since the war started as the RBI has been selling dollars to defend the rupee. At the current rate of drawdown, India has roughly 8 months of import cover remaining.
The rupee hit an all time low of 95.23 against the dollar today. Every $10 per barrel increase in crude oil prices raises India's annual import bill by approximately $13–$14 billion.