Bank Nifty Plunges 4% Amid Crude Shock; SBI, Axis Bank Lead Losers

• Bank Nifty index dropped over 4% as crude oil prices surged above $115 per barrel, triggering a broad market sell-off.
• State Bank of India fell over 6%, while Axis Bank, Union Bank, Canara Bank, PNB, Federal Bank, ICICI Bank, HDFC Bank, and Kotak Mahindra Bank also saw sharp declines.
• The sell-off intensified concerns over inflation and global risk sentiment, pushing Bank Nifty deeper into correction territory.
• Experts warn the spike in oil prices is a major macro shock for oil-importing economies like India, potentially pushing inflation higher.
• India VIX jumped over 22%, signaling heightened investor nervousness, with the banking index expected to remain under pressure.