(RTTNews) – Indian shares opened lower on Tuesday after the U.S. reinstated a naval blockade on Iranian shipping through the Strait of Hormuz and proposed to charge a 20 percent transit fee on cargo passing through the strategic waterway, sending crude oil prices soaring.
In a post on X, Iranian foreign minister Seyed Abbas Araghci mocked U.S. President Trump over his proposal and said Iran has always been the GUARDIAN of the Strait and will remain so FOREVER. “20 percent is of course too much. We will be fair,” Araghchi wrote.
The benchmark BSE Sensex dropped 568 points, or 0.7 percent, to 77,048 in early trade while the broader NSE Nifty index dipped 150 points, or 0.6 percent, to 24,059.
Among the prominent decliners, BEL, Maruti Suzuki India, ICICI Bank, UltraTech Cement, Axis Bank, Larsen & Toubro, SBI, Kotak Mahindra Bank, Mahindra & Mahindra, Bajaj FinServ, Bajaj Finance and Indigo fell 1-3 percent.
Tata Elxsi dropped 1.2 percent while L&T Technology Services was little changed ahead of their Q1 earnings results due today.
HCL Technologies fell 2.4 percent despite Q1 profit coming above expectations.
Likewise, ICICI Prudential Life Insurance Company declined 2.2 percent despite reporting a 23 percent year-on-year rise in its Q1 net profit.
Container Corporation of India rallied 3.7 percent after it reported an 8.89 percent year-on-year increase in total volumes for Q1 FY27.
