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Russia launches attack on Ukraine, $103 billion abolished from Indian Markets

UkrainePhoto Credit: Live Mint

Indian markets are the worst hit among Asian equity markets because Sensex and Nifty tanked about 3.5% in the early trade on Thursday as soon as news of Russia declaring war on Ukraine broke out. While Russia has declared a special military operation in Ukraine, Russian President Vladimir Putin says he does not aim to occupy Ukraine.

The Indian Stock market crashed on Thursday morning as Vladimir Putin, President of Russia, announced a military operation in Ukraine, and just after the announcement, the biggest explosions were reported in the Ukrainian Capital,l Kyiv. Deterrence forced by the US and other western countries on Russia also did not stop the Russian President from announcing the war. The Russia-Ukrainian war is an ongoing and extended dispute that started in February 2014 over geopolitical matters and the situation has now become threatening.

Prices of oil have been increasing constantly in recent weeks over the Russia Ukraine dispute, which exceeded $100 for one barrel on the fear that a deterrent could hit the export of Russia’s crude oil. Taking into consideration that India imports more than 80% of its oil requirements, the development is a major drawdown for the country. Apart from that, the Russia-Ukraine crisis has a massive impact on Indian families and policymakers as Ukraine and Russia jointly report for 90% of India’s sunflower oil imports.

Indian markets were the worst hit among other Asian markets, and the market capitalization of BSE-listed companies got slashed by $103 billion in the first hour of trade. The news of war has poorly hit the integrity markets that were already staggered for reasons like persistent FII selling, the expectation of a drop in interest rates, increasing fuel prices, and rising inflation.

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By TIS Staffer
the authorBy TIS Staffer

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