Indian stock markets suffered a sharp sell-off on Monday, September 28, with the BSE Sensex plunging more than 1,030 points in mid-morning trading. The 30-share index fell 1,030.17 points, or 1.39 per cent, to 72,865.57 at 10:53 am, according to MFNews. The Nifty 50 slipped 320.05 points, or 1.38 per cent, to 22,820.45, dropping below the 22,850 mark.

The rout wiped out nearly Rs 6 lakh crore in investor wealth in the morning session, MFNews reported. Heavyweights HDFC Bank, Kotak Mahindra Bank and Reliance Industries were among the biggest drags on the indices, according to HindFirst.

Analysts blamed soaring crude oil prices, stalled US-Iran talks and a jump in US 10-year Treasury yields past 5.10 per cent, which sparked foreign fund outflows, MFNews reported.

The sell-off matters because it shows how quickly global shocks can hit the savings of millions of retail investors. With midcap and smallcap indices also falling over 1.2 per cent, the damage spread across the market.