Sensex Slips Nearly 262 Points, Nifty Settles at 79.80

Mumbai, September 16, 2019:

Sensex has slipped nearly 262 points on Monday due to panic sell-offs by investors caught off guard by a massive rise in crude prices.

The rise in the crude prices has been reported after a drone attack on two of Saudi Arabia's largest oil processing facilities.

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Additionally, the Indian rupee saw heavy decline in value against the US dollar, said reports.

After dropping 356 points, the 30-share index ended 261.68 points, or 0.70 per cent, lower at 37,123.31. The Nifty too settled at 79.80 points, or 0.72 per cent, down at 10,996.10.

The top companies that faced the hit include M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent.

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Shares of oil and gas companies HPCL, BPCL, IOC, Castrol India and Reliance Industries decline to 7 per cent. Aviation firms SpiceJet, InterGlobe Aviation and Jet Airways also cracked up to 3.95 per cent.

The slip in Sensex to 262 points and Nifty to 79.80 points will impact the Indian economy that is already suffering a huge decline.

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