India, March 27 -- The key equity indices traded with sharp losses in mid-afternoon trade, mirroring weak global cues amid persistent uncertainty over the de-escalation of Middle East tensions and renewed concerns about inflationary pressures. The rupee also weakened to a fresh record low of 94 against US dollar. Investor sentiment remained cautious due to the lack of clarity on the reopening of the Strait of Hormuz. The Nifty traded below the 22,900 level. Meanwhile, the Indian government has slashed additional excise duty on both petrol and diesel on the backdrop of the ongoing US-Iran war in West Asia. The additional excise duty on petrol has been lowered to Rs 3 per litre from Rs 13 per litre earlier. Meanwhile, the excise duty on die...