Indian shares tumble as Ukraine crisis intensifies
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BENGALURU - Indian shares fell more than 1% on Friday, tracking a sell-off in global equity markets, as the escalating Ukraine crisis sent oil prices surging and stoked inflation fears.
The blue-chip NSE Nifty 50 index had fallen by 1.46% to 16,256.80 by 0350 GMT and the S&P BSE Sensex had dropped by 1.52% to 54,266.72. Both the indexes were set for their fourth consecutive weekly loss.
Ukraine's state emergency service said a fire broke out in a building outside the largest nuclear power plant in Europe during intense fighting between Russian and Ukrainian forces.
India is the world's third-largest importer of crude oil, and rising prices push up the country's trade and current account deficit while also hurting the rupee and fuelling imported inflation.
Nifty's bank index <.NSEBANK, financial services index, auto index and IT index were among the top losers, falling between 1% and 2%.
Asian stock markets suffered heavy losses while oil prices jumped on the worsening Russia-Ukraine conflict. [MKTS/GLOB]
