India's Sensex down 600 points - Tata Group feels pain of Air India crash

Investors worried Israel-Iran situation will see India paying higher for oil

Last updated: June 13, 2025 | 09:29

Manoj Nair, Business Editor

1 MIN READ

Indian stock markets reacted with jitters to the news of the Israel-Iran flashpoint. Tata Group stocks too are having a tough day.

IANS

Dubai: Indian stock markets took quite a drop, with the main Sensex opening lower by more than 800 points as investors take in the fallout from the Israel-Iran situation.

Worries about the higher bills India will have to pay for its oil imports is front and center of investors' concerns.

Plus, the Tata Group's listed companies are having a tough day at the markets after Air India's Boeing Dreamliner crash yesterday (June 12) after taking off from Ahmedabad airport.

By 12:50pm IST, the Sensex had pared losses to 630 points.

Also Read: Air India crash becomes first full loss of Boeing 787 Dreamliner

Yet, "All Tata Group stocks are down, but they are down just in line with the wider markets," said Milan Vaishnav, founder of ChartWizard.ae. "No incident-specific drawdowns are seen on the Group's stocks.

"The oil marketing stocks trade lower."

At just over 10:45am, the Sensex is lower by 719 points.

"Indian equities opened down - but showed a relatively much stronger performance and a lot of resilience to the global market weakness," said Vaishnav.

"The (tech-heavy) Nifty has rebounded over 150 points from the opening lows. This keeps the Index in the well-defined trading range of 24,500-25,100, which was created over the past month." (The Nifty declined in the previous session as well after consolidating just above the 25,000 levels for three days.)

"We see continued rotation in the stocks in favor of defensive pockets like pharma, IT and select upstream energy stocks," said Vaishnav. "The volatility spiked 15% at the start of the session but has cooled off, with the India VIX currently up by 8%."

Manoj NairBusiness Editor

Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well. Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental. He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.