Sensex nosedives 1,400 pts and Nifty slides below 15,800

Indian equity benchmarks BSE Sensex and NSE Nifty50 suffered steep losses on on Monday amid weakness across sectors, mirroring a global sell-off as red-hot US inflation reignited worries about even more aggressive Fed policy tightening. A COVID-19 warning from Beijing added to concerns about global growth. Investors awaited official data on consumer inflation in India due later in the day.

Stock Market LIVE Updates: Sensex tanks 1,400 pts and Nifty slides below 15,800 as inflation and COVID concerns rattle global markets — fear index surges

RBL Bank shares are locked in the lower circuit, plunging by as much as Rs 17 or 15 percent to 1 52-week low of Rs 96.4 apiece on BSE — after losing 10 percent of its value at the opening tick. The Mumbai-based private sector lender on Saturday announced the appointment of R Subramaniakumar as Managing Director and CEO.

Brokerage CLSA said the incoming CEO's appointment raises several questions, and the stock lacks material near-term triggers though it looks cheap. (Read more on RBL shares)

Market expert Prakash Diwan says that a lot of positive changes in RBL could take time. "In the short term, there is an acknowledgment of the fact that there is something amiss, and that needs to be looked at, which means the stock could probably still lose some ground. It's already lost significantly... It's attractively priced, yes but the loss has been in its profitability and earnings capability, and that's been very defined and significant for the last couple of quarters. Till that trajectory kind of transforms, I think it's best to stay away. So hopefully something will happen. But today, it's a time to brace yourself for some loss," he adds.