India, March 9 -- Shares of India's state-run refiners led by Indian Oil Corp. Ltd. saw their steepest declines in more than a year as a widening Iran war spiked crude oil prices to nearly $120/barrel.

Hindustan Petroleum Corp. Ltd. (HPCL) led the plunge, sliding 7.5%, followed by by Bharat Petroleum Corp. Ltd. (BPCL) with a 7.1% drop. Indian Oil fell up to 6.6%, while Reliance Industries Ltd. shed 2%.

The selloff dragged the Nifty Oil & Gas Index down 2.7%-bringing its cumulative losses to 6.6% since the initial US-Israeli strike on Iran on 27 February 2026. The broader energy index fell 2.1%, acting as a heavy drag on the benchmark Nifty 50, which slid 2.8%.

All of this, after Brent crude skyrocketed as much as 26.4% to $117.16 a bar...