On Monday, Indian stock markets faced a sharp downturn as Prime Minister Narendra Modi urged citizens to cut fuel consumption, avoid gold purchases for a year, and limit foreign travel. This call came amid rising pressure on the Indian rupee and increasing import costs due to supply constraints from the West Asia conflict. The Nifty 50 index fell 1.49% to close at 23,815.85, marking its steepest decline since March 30, while the Sensex dropped 1.7%. The selloff was widespread, particularly affecting sectors vulnerable to potential government curbs, including oil marketing companies (OMCs), jewelers, airlines, and hotels. Major losers included jewellery maker Titan, which fell 6.85%, and airline operator IndiGo, down 5.73%. Analysts are concerned that a possible hike in fuel prices could exacerbate inflation, especially with ongoing monsoon uncertainties. Brent crude prices increased by 3% to reach $103 per barrel, further straining OMCs, which are already facing losses of around ₹1,000 crore per day on fuel sales. The market capitalization of the Bombay Stock Exchange (BSE) fell by ₹6.1 trillion, reflecting the overall negative sentiment among investors.