Mumbai, March 9 -- The domestic equity benchmarks fell sharply in early afternoon trade today, as escalating tensions between Iran, Israel, and the US over the weekend pushed crude oil prices higher, raising concerns over India's rupee and macroeconomic stability. The Indian rupee hit a record low of 92.35 per US dollar, reflecting heightened pressure on emerging market currencies amid the surge in global oil prices, while investors turned cautious, tracking the impact of geopolitical risks and rising commodity costs on Indian markets.

The Nifty traded below the 23,900 level. Oil & Gas shares extended losses for the second consecutive trading session.

At 12:30 ST, the barometer index, the S&P BSE Sensex tanked 1,892.45 points or 2.40% t...