The Core Report #820 The Markets Crash Further On War Uncertainty
Mar 11, 2026
Ajay Rotti, founder and CEO of Tax Compaas, tax and FDI specialist. Manas Majumdar, PwC India partner and Oil & Gas sector lead. They discuss market turmoil from war risks and Strait of Hormuz attacks. They explore oil supply responses, LNG and LPG sourcing challenges, refinery trade-offs, and how relaxed China investment rules change approval timelines.
AI Snips
Chapters
Transcript
Episode notes
Oil Prices Drive Sentiment More Than Supply Shock
- Oil prices are the primary driver of market sentiment amid the West Asia war but demand weakness mutes full price reflection.
- Govindraj Ethiraj notes oil's link to expanding war theater and markets waiting for an end rather than just supply fixes.
LNG Shortages Threaten Urea Output And Subsidies
- LNG disruptions risk halting urea production since LNG is both energy source and feedstock for fertilizer plants.
- Bloomberg reported some urea plants paused or advanced maintenance after Qatari LNG suspensions, potentially raising global urea prices.
Crystal Sees India Absorb Shocks And Keep Growing
- Despite external risks, Crystal Ratings expects India to absorb shocks and sustain healthy growth supported by fiscal measures.
- Crystal projects real GDP at 7.1% in FY27, assuming normal monsoons and Brent at $75–$80 per barrel.