Domestic equity benchmark BSE Sensex closed over 250 points lower on Monday, dragged by oil and gas stocks, stoked by a massive surge in global crude prices.
After touching a low of 37,174.97, the 30-share index ends 261.68 points, or 0.70 per cent, lower at 37,123.31, while the broader Nifty drops 79.80 points, or 0.65 per cent, to 11,003.50.
According to experts, domestic equities plunged after global oil benchmark Brent crude price skyrocketed as drones attacked two Saudi Arabian plants on Saturday.
The attack by Yemen's Houthi rebels reportedly shut down six per cent of the global oil supply.
After the drone attack on one of the world's biggest oil producers Saudi Aramco, global crude prices surge by almost 12 per cent which is the biggest surge since 1988, said Ashish Nanda EVP and Business Head - PCG, Commodities and Currency Business, Kotak Securities.