Mumbai/IBNS, March 9 -- The Indian stock market crashed on Monday with massive losses in the BSE Sensex and NSE Nifty 50 as the Middle East conflict escalated, media reports said.

The Nifty 50 opened below the 24,000 mark and, as per the latest update, was trading over 500 points lower.

Nifty PSU Bank Index emerged as the biggest laggard in morning trade, declining nearly 4 percent amid a spike in oil prices linked to the Iran conflict.

Among individual stocks, shares of InterGlobe Aviation (IndiGo) fell 5.4 percent, State Bank of India declined 5.1 percent, while Tata Motors and Shriram Finance dropped about 5 percent each, topping the list of laggards.

Shares of UltraTech Cement and Larsen & Toubro also posted significant losses as ...