Iran War Pushes Indian Firms to Pull $2.1 Billion of Bond Sales

Indian issuers withdrew local-currency bond sales worth up to 190 billion rupees ($2.1 billion) since the onset of the Iran war after the conflict led investors to demand wider credit premiums.

State-run National Bank for Agriculture and Rural Development and power lender REC Ltd. on Thursday pulled offerings of as much as 80 billion rupees and 30 billion rupees, respectively. Soon after the conflict started, another state-owned firm Small Industries Development Bank of India canceled an issuance of up to 80 billion rupees on March 4.