<p>Oil prices plunged more than 30% after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices, driving crude to its lowest level in four years.</p>.<p>At the time of filing this copy, the prices of Brent Crude Futures in the international markets, stood at $32.06 a barrel, down 29%.</p>.<p>The Indian equity markets also crashed yet again on Monday, as benchmark indices opened about 3% lower amid concerns over contagion over YES Bank collapse and slump in oil prices.</p>.<p>The BSE Sensex had crashed to 36,212.74, down 1,364 points (3.6%), at the time of filing this copy. The oil marketing company – ONGC – was the biggest loser on Sensex, crashing by more than 10%, followed by Reliance, Tata Steel and IndusInd Bank.</p>.<p>The overall breadth of the market is also heavily negative – with just 206 advances and 1,357 declines. About Rs 4 lakh crore of equity investors’ wealth was wiped off within minutes of trade.</p>.<p>On the other hand, the broader index, NSE Nifty has tanked by 375.10 points (3.41%) and was trading at 10,614.35, at time of filing this copy.</p>
<p>Oil prices plunged more than 30% after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices, driving crude to its lowest level in four years.</p>.<p>At the time of filing this copy, the prices of Brent Crude Futures in the international markets, stood at $32.06 a barrel, down 29%.</p>.<p>The Indian equity markets also crashed yet again on Monday, as benchmark indices opened about 3% lower amid concerns over contagion over YES Bank collapse and slump in oil prices.</p>.<p>The BSE Sensex had crashed to 36,212.74, down 1,364 points (3.6%), at the time of filing this copy. The oil marketing company – ONGC – was the biggest loser on Sensex, crashing by more than 10%, followed by Reliance, Tata Steel and IndusInd Bank.</p>.<p>The overall breadth of the market is also heavily negative – with just 206 advances and 1,357 declines. About Rs 4 lakh crore of equity investors’ wealth was wiped off within minutes of trade.</p>.<p>On the other hand, the broader index, NSE Nifty has tanked by 375.10 points (3.41%) and was trading at 10,614.35, at time of filing this copy.</p>
