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BENGALURU - Indian shares dropped more than 2% on Tuesday and were set for their fifth straight session of losses, as investors dumped equities across the board due to an escalation in Russia-Ukraine tensions.

The blue-chip NSE Nifty 50 index fell 1.56% to 16,938.20 by 0349 GMT, while the S&P BSE Sensex was down 1.62% at 56,750.87, after falling 2% each at the open.

Russian President Vladimir Putin ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognising them as independent on Monday, drawing U.S. and European condemnation for acceleration of a crisis the West fears could unleash a major war.

In Mumbai, Nifty public sector bank index and Nifty IT index were the top losers among other sub-indexes, falling 2.5% and 1.8%, respectively.