Sensex and Nifty 2% down amid rising oil price, Russia-Ukraine crisis, ABG Shipyard Ltd case

Crude oil prices increased sharply: The reason for this is also the border tensions between Russia and Ukraine because Russia is the largest exporter of oil in the world.

Crude oil prices are at their 7-year record high and have crossed more than $ 95.69 per barrel.

You already know that almost all the economic activities and industries depend on oil, so due to the rise in the price of crude oil, the price of goods and services increases, and inflation increases.

It will also have a huge impact on the Indian economy and market as India is a net importer of crude oil and rising oil prices will affect the overall economy and may also increase the fiscal deficit.

ABG Shipyard Limited fraud case

Negative sentiments spread in the Indian market. CBI has filed a fraud case against ABG Group’s flagship company ABG Shipyard Limited and its directors.

ABG Shipyard Limited fraud case

This company is involved in the business of shipbuilding and repair. According to the CBI, the company has committed fraud of Rs 22842 crore with 28 banks.

ABG Shipyard Limited fraud case

Many banks like SBI, ICICI Bank, IDBI Bank, Bank of Baroda, etc had landed money at ABG Shipyard, and hence today Nifty Bank and Nifty PSU Bank were also trading down 2.5% to 3%.

Russia-Ukraine crisis

Border tension has been going on between Russia and Ukraine for a long time. In such a situation, many countries have also asked their citizens to leave Ukraine.

Russia-Ukraine crisis

US President Mr. Biden has also been invited to visit Ukraine. But if Russia takes any kind of military action in Ukraine, then Western powers like European Union and the US can impose sanctions on Russia.