New Delhi, March 30 -- Non-banking financial companies (NBFCs) may face rising risks in select loan segments amid a fuel supply shock triggered by the ongoing Iran conflict, with business, MSME and vehicle loans emerging as the most vulnerable categories, according to a report by Nomura.

The report assessed the impact of the Iran war, assuming it drags on for one month, and flagged growing concerns over segments directly linked to fuel consumption and economic activity.

It noted that NBFCs are likely to turn "increasingly cautious on business, MSME, vehicle loans segments where we expect an immediate and direct impact of the fuel supply shock."

Industrial diesel prices have already been increased, and the report cited that retail fuel ...