Mumbai/IBNS, May 11 -- The Indian stock market on Monday plunged sharply amid escalating tensions in West Asia and rising crude oil prices, triggering panic among investors, media reports said.

Investor concerns deepened over reports of a possible closure of the Strait of Hormuz for 70 days, a development that could severely disrupt global crude oil supply chains and push fuel prices significantly higher.

Global benchmark Brent Crude climbed 2.69 percent to $104.01 per barrel as geopolitical tensions intensified following the United States' rejection of Iran's response to a proposed peace initiative.

Meanwhile, Prime Minister Narendra Modi on Sunday urged Indians to adopt austerity measures in view of the worsening crisis in West Asia,...