New Delhi, May 12 -- The Indian stock market was rattled by Prime Minister Narendra Modi's call to conserve foreign exchange reserves by curbing gold imports, reducing fuel and fertiliser consumption, and cutting international travel amid the ongoing US-Iran conflict in the Middle East.

While the PM Modi's speech aimed at preserving forex reserves during a global geopolitical crisis, the market interpreted them as a sign of domestic economic stress, triggering panic selling.

Crude oil accounts for nearly 20% of India's total imports, gold around 9%, and fertilisers about 2%. Additionally, nearly 58% of total remittances under the Liberalised Remittance Scheme (LRS) - amounting to roughly $30 billion in FY25 - is attributed to internatio...