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“For the commercial vehicle industry, even in February the growth has been there. It has grown by almost 14-15%, 3.5 times and above and we are expecting this growth to continue in March as well. We have to watch the situation very carefully and we have to keep our fingers crossed that these things come under control, sooner than later.”

“Overall, there seems to have been an improvement in the situation but it will not be 100% even by the end of this year. So exactly when it will become normal is a little difficult to predict at this time because of the complex supply chain that is involved and it is not just Maruti Suzuki in India, but also all OEMs across the globe which have been affected in this process.”

The 30-share pack Sensex declined 778.38 points or 1.38 per cent to close at 55,468.90. Its broader peer NSE Nifty slumped 185.05 points or 1.10 per cent to 16,608.85.

The government was expecting to garner Rs 63,000 crore by selling 5 per cent stake in the life insurance firm to meet the curtailed disinvestment target of Rs 78,000 crore in the current fiscal.

At the interbank foreign exchange market, the rupee opened at 75.78 against the American dollar but later dropped to a low of 75.86.

The Nifty Pharma index closed 1.84 per cent down at 12689.55.

Crypto experts believe that amid the global volatility and rising inflation concerns, the $45,000 mark for Bitcoin should not be seen as a surprise.

The Federal Reserve and Bank of England (BoE) are also forecast to raise rates by a quarter point mid-March. But before the Ukraine crisis erupted, markets saw a high probability both would opt for half-point moves.

A total of 383 shares changed hands on the counter till 02:05PM (IST)

Rakesh Jhunjhunwala held 75,00,000 shares or 5.68 per cent stake in Escorts as of February 18 compared with 6,400,000 shares or 5.22 per cent stake as of December 31. Analyst targets suggest upside is limited for the stock.