Iran war: L&T, IOC, Tata Steel, IndiGo, Petronet, Adani Ports, JSW Infra, among impacted stocks; check list
Infrastructure heavyweight Larsen & Toubro (L&T) shares also tumbled 7.53 per cent to touch a day's low of Rs 3760.10 on the BSE, primarily due to the company's strong operational footprint in the Middle East's infrastructure markets.
- Mar 4, 2026,
- Updated Mar 4, 2026 2:13 PM IST
Domestic equity markets plunged on Wednesday as the escalating conflict between the US, Israel, and Iran sent shockwaves through global trade routes.
At last check, the benchmark Sensex was down 1.54 per cent to 78,999.80, while the Nifty declined 1.71 per cent to trade at 24,439.55.
Impacted stocks
Capital market-linked stocks, including BSE, Multi Commodity Exchange (MCX), and Angel One, mirrored this broader market weakness, falling up to 4 per cent as benchmark indices extended their losses.
Energy, oil, and gas companies: The sharp escalation in West Asia has triggered supply disruptions in the crucial Strait of Hormuz, warning that vessels attempting to transit will be targeted. Gas and LNG stocks like Petronet LNG Ltd, GAIL (India) Ltd, Gujarat State Petronet Ltd, Mahanagar Gas Ltd (MGL), Indraprastha Gas Ltd (IGL), and Gujarat Gas Ltd plummeted up to 12 per cent in Wednesday's trade.
Sumit Pokharna, VP of Fundamental Research at Kotak Securities, pointed out the gravity of the situation: "This is a material global risk event." Pokharna expects "gas supplies to be rationed in the near term" and maintains a "Sell" rating on gas companies like GAIL, PLNG, IGL, and MGL, as well as OMCs such as IOC, BPCL, and HPCL, which declined up to 5% in early trade.
Ports, logistics, and aviation: Shares of Adani Ports & Special Economic Zone Ltd and JSW Infrastructure declined up to 4 per cent amid the Strait of Hormuz disruptions. According to a JM Financial report, the conflict has seen Iran attacking oil tankers and hitting a Qatar LNG plant, with a drone strike causing a fire at JSW Infra tankage in Fujairah.
Meanwhile, aviation giants InterGlobe Aviation (IndiGo) and SpiceJet saw their stocks slip up to 8 per cent today as flight operations across West Asia faced severe disruptions.
Metals and Infrastructure: Fears of supply constraints for industrial metals rattled global commodity markets, dragging metal stocks like Tata Steel and JSW Steel down up to nearly 8 per cent in early trade.
Infrastructure heavyweight Larsen & Toubro (L&T) shares also tumbled 7.53 per cent to touch a day's low of Rs 3760.10 on the BSE, primarily due to the company's strong operational footprint in the Middle East's infrastructure markets.
Defence stocks rally: While the broader market bled, defense stocks emerged as a bright spot. Tracking a broader global upswing in drone shares amid the rising geopolitical tensions, Paras Defence and Space Technologies Ltd, Ideaforge Technology Ltd, and ZEN Technologies Ltd rallied up to 11 per cent in early trade.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said that defence themes will offer long-term buying opportunities alongside banking, pharmaceuticals, and automobiles.
Domestic equity markets plunged on Wednesday as the escalating conflict between the US, Israel, and Iran sent shockwaves through global trade routes.
At last check, the benchmark Sensex was down 1.54 per cent to 78,999.80, while the Nifty declined 1.71 per cent to trade at 24,439.55.
Impacted stocks
Capital market-linked stocks, including BSE, Multi Commodity Exchange (MCX), and Angel One, mirrored this broader market weakness, falling up to 4 per cent as benchmark indices extended their losses.
Energy, oil, and gas companies: The sharp escalation in West Asia has triggered supply disruptions in the crucial Strait of Hormuz, warning that vessels attempting to transit will be targeted. Gas and LNG stocks like Petronet LNG Ltd, GAIL (India) Ltd, Gujarat State Petronet Ltd, Mahanagar Gas Ltd (MGL), Indraprastha Gas Ltd (IGL), and Gujarat Gas Ltd plummeted up to 12 per cent in Wednesday's trade.
Sumit Pokharna, VP of Fundamental Research at Kotak Securities, pointed out the gravity of the situation: "This is a material global risk event." Pokharna expects "gas supplies to be rationed in the near term" and maintains a "Sell" rating on gas companies like GAIL, PLNG, IGL, and MGL, as well as OMCs such as IOC, BPCL, and HPCL, which declined up to 5% in early trade.
Ports, logistics, and aviation: Shares of Adani Ports & Special Economic Zone Ltd and JSW Infrastructure declined up to 4 per cent amid the Strait of Hormuz disruptions. According to a JM Financial report, the conflict has seen Iran attacking oil tankers and hitting a Qatar LNG plant, with a drone strike causing a fire at JSW Infra tankage in Fujairah.
Meanwhile, aviation giants InterGlobe Aviation (IndiGo) and SpiceJet saw their stocks slip up to 8 per cent today as flight operations across West Asia faced severe disruptions.
Metals and Infrastructure: Fears of supply constraints for industrial metals rattled global commodity markets, dragging metal stocks like Tata Steel and JSW Steel down up to nearly 8 per cent in early trade.
Infrastructure heavyweight Larsen & Toubro (L&T) shares also tumbled 7.53 per cent to touch a day's low of Rs 3760.10 on the BSE, primarily due to the company's strong operational footprint in the Middle East's infrastructure markets.
Defence stocks rally: While the broader market bled, defense stocks emerged as a bright spot. Tracking a broader global upswing in drone shares amid the rising geopolitical tensions, Paras Defence and Space Technologies Ltd, Ideaforge Technology Ltd, and ZEN Technologies Ltd rallied up to 11 per cent in early trade.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, said that defence themes will offer long-term buying opportunities alongside banking, pharmaceuticals, and automobiles.