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Indian benchmarks plunge over 3% in biggest single-day drop in nearly two years amid Middle East attacks and HDFC Bank slump
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Indian equity benchmarks Nifty 50 and Sensex crashed more than 3% on Thursday, their steepest single-day decline since June 2024, closing at 23,002.15 and 74,207.24 respectively. Escalating West Asia conflicts drove crude above $110 a barrel, stoking inflation fears, while HDFC Bank shares tumbled over 5% following chairman Atanu Chakraborty's resignation.
HDFC Bank's part-time chairman Atanu Chakraborty has resigned, citing internal practices that conflicted with his personal values and ethics. The Reserve Bank of India has approved Keki Mistry as interim chairman for three months. The departure follows Chakraborty's oversight of the major HDFC Bank-HDFC merger.