India, March 9 -- India's stock market extended their steepest slide in six years due to an escalating Iran war. That's wiped out more than Rs.25 lakh crore in investor wealth since the strife began.

The 30-share S&P BSE Sensex fell as much as 3.16%-or 2,494.35 points-to 76,424.55 points, while the wider NSE Nifty 50 shed up to 3.07% to an intraday low of 23,697.80 points. The recovery was patchy at best by midday. The turmoil is fuelled by crude oil prices, which have surged enough to test $120/barrel levels.

Every $10 rise in oil adds roughly 40 basis points to India's current account deficit. Markets are pricing that in very fast.

One basis point is one-hundredth of a percentage point.

A truncated trading week through 6 March-India...