Indian stock market witnessed the steepest fall since June 2024, by over 3 per cent, resulting in a bloodbath on Dalal Street.
The Nifty 50 fell 3.26 per cent to 23,002.15 points, while the BSE Sensex also slumped to settle at 74,207.24. As per Reuters, about 13 trillion rupees ($139.47 billion) in market value was wiped out on the National Stock Exchange of India, the country's largest exchange operator.
Eternal, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Larsen & Toubro and Bajaj Finserv were among the major laggards in the Sensex category.
What caused the stock market decline?
Among the various reason that caused the wipeout of investor money, the HDFC Bank Chairman Atanu Chakraborty’s exit took a major hit on the Indian stock market indices.
"Certain happenings and practices within the bank, that I have observed over last two years, are not in congruence with my personal values and ethics," mentioned Chakraborty’s resignation letter, dated March 17, 2026, was addressed to the Chairman of the Governance, Nomination and Remuneration Committee of the Bank's Board.
Shares of HDFC Bank fell by more than 5 per cent by the end of the market session for the day. More than Rs 65,000 crore disappeared from HDFC Bank’s market capitalisation in a matter of hours when the markets opened on Thursday.
As per Moneycontrol, differences between Chakraborty and a few executive board members became almost irreconcilable, which may have led to his unexpected exit.
The sharp selloff was also followed by a fresh escalation in the war, stoking fears of supply disruptions and sending Brent crude to its highest level in over a week.
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"We are likely to see downward revisions in earnings forecasts for Indian companies, driven both by the direct impact of higher crude prices and their cascading effect across input costs and consumption," analysts said to Reuters.