New Delhi: The Indian stock market has collapsed amid government clampdowns on the Yes bank and the upsurge in crude oil prices in Gulf countries. As of Monday evening, the stock markets closed with a big fall. The 30-share Bombay Stock Exchange (BSE) -based sensitive index Sensex lost 1,941 points to close at 35,634. Similarly, the National Stock Exchange (NSE) based on 50 stocks, the Sensex Nifty fell 538 points to close at 10,451.

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Experts say that the direct impact of Yes Bank's business in the country and the decline in Gulf countries is directly visible in the Indian market. The failure of the oil exporting countries' organization OPEC to deal with the conditions arising out of the corona virus has raised fears of a price war in the global oil market and led to a steep decline in the stock market of Gulf countries on Sunday. 

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The reduction in crude oil price is good for the Indian economy because the country imports more than 80 percent of its oil requirement. But this is not good news for the global market. The prices of petrol and diesel in India may also fall.

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