Indian markets drop as Army confirms surgical strikes across LoC

UPDATE: BSE Sensex closed down 465.28 points, or 1.64% at 27,827.53 points and NSE Nifty fell 1.76% at close, or 153.90 points on Thursday.

Stock markets in India plunged over 1% as Indian Army confirmed that it undertook surgical strikes across Line of Control (LoC) on Wednesday night. 

Soon after the press conference, BSE Sensex dropped nearly 500 points to trade lower by 2%. NSE Nifty, too, dropped 1.4% and was trading at 8619.95 points at 12.37 pm. 

The Indian Army has carried surgical strike carried out Wednesday night on terrorists in launch pads in Pakistan, India’s Director General of Military Operations (DGMO) Ranbir Singh said at a press conference in New Delhi. CHECK LIVE PRICES HERE

Singh said that the operations have since ceased and that there are no further plans for more operations. The operations were based on credible information, he added.

“Indian Army conducted surgical strikes on terror launch pads on the Line of Control (LoC), significant casualties have been caused. Indian Army conducted surgical strikes on terror launch pads on the LoC and significant casualties have been caused,” said DGMO Singh according to an ANI alert. “I spoke to the Pakistan DGMO, shared our concerns and told him that we conducted surgical strikes last night,” said Lieutenant General.

“It has been a matter of serious concern that there has been many infiltration bids by terrorists at LoC. This is reflected in the terror attacks in Poonch and Uri on 11th and 18th September respectively. Despite our persistent urging to Pak to not allow territory under its control to not be used for terrorist activities nothing was done,” said Singh.

Earlier in the day Prime Minister Narendra Modi had held a meeting with the Cabinet as well as members of the Army on the security in the region.

On Thursday the Pakistan military had said that two of its soldiers were killed in a firing by Indian troops in Kashmir.