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The 30-share pack Sensex dropped 778.38 points or 1.38 per cent to 55,468.90. Its broader peer, Nifty50, plunged 187.95 points or 1.12 per cent to 16,605.95.

“If oil prices were to go to $150 for two months because of the war, then that goes to $90 a barrel on an average for the full year. So, we are talking of a $30 billion outflow, $10 billion because of oil and $20 billion because of the FIIs. India is fairly alright. The RBI has forex reserves of about $680 billion. $600 billion is adequate and leaves $80 billion of excess reserves. If they have to sell $30 billion, they will still have a war chest of $50 billion.”

The 30-share BSE Sensex closed down 778.38 points at 55468.9

“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.