Mumbai, April 13 -- Domestic equity markets slumped on Monday, with benchmark indices witnessing a broad-based selloff amid escalating geopolitical tensions and a sharp surge in crude oil prices. The decline followed rising tensions between the United States and Iran after US President Donald Trump announced a naval blockade of the Strait of Hormuz, a key route for global oil supplies. Iran's warning of strong retaliation further heightened fears of a prolonged conflict.

Crude oil prices rallied sharply, with Brent crude crossing the $100 per barrel mark, fuelling inflation concerns and increasing input cost pressures for oil-importing economies such as India. Global cues remained weak, with Dow Jones futures indicating a subdued opening...