Asian share markets plunged today on growing geopolitical tension after the Kremlin said separatists in eastern Ukraine asked President Vladimir Putin for help, a step that could lead to Russian troop deployments.

The Hang Seng is down 3.1%, while the Shanghai Composite fell 0.9%. The Nikkei is trading lower by 2.3%.

In US stock markets, Wall Street's major indexes ended sharply lower on Wednesday, extending their recent rout as Ukraine declared a state of emergency and the US State Department said a Russian invasion of Ukraine remains potentially imminent.

The Dow Jones Industrial Average fell 464.9 points, or 1.38%, while the Nasdaq Composite dropped 344 points or 2.6%.

Back home, Indian share markets are trading deep in the red.

Benchmark indices started the day with deep cuts after Russia ordered military operations in Ukraine and reports emerged of blasts in some major Ukrainian cities.

Russian President Vladimir Putin today announced a military operation in Ukraine, claiming it is intended to protect civilians. In a televised address, Putin said the action comes in response to threats coming from Ukraine. He added that Russia doesn't have a goal to occupy Ukraine.

Following the news, Sensex dipped over 1,400 points while the Nifty fell over 400 points.

At present, the BSE Sensex is trading down by 1,869 points. Meanwhile, the NSE Nifty is trading lower by 549 points.

Tata Motors, Tech Mahindra, and IndusInd Bank are among the top losers today.

In the broader markets, the BSE Mid Cap and BSE Small Cap indices are also trading in the negative territory, down up to 3.6% and 3.9%, respectively.

All sectoral indices are trading in red with stocks in the realty sector, telecom sector, metal sector, and IT sector witnessing most of the selling.

The rupee is trading at 74.56 against the US$.

Crude oil prices soared past US$100 for the first time in more than seven years today after Russian President Vladimir Putin announced a 'military operation' in Ukraine, apparently realizing fears he would invade.

Gold prices are trading up by 2.2% at Rs 51,469 per 10 grams.

Gold prices rose today as investors sought refuge in safe havens after Ukraine declared an emergency and the West imposed more sanctions on Russia for sending troops into eastern Ukraine.

In news from the telecom sector, Vodafone Idea is among the top buzzing stocks today.

Vodafone Group Plc said it is planning to sell 2.4% of its stake in Indus Towers via a block deal today and is also in talks with one of the tower company's largest shareholders to sell 4.7% more.

'Vodafone announces that it has launched a placing of 63.6 million primary shares in Indus through an accelerated bookbuild offering. This represents 2.4% of Indus' outstanding share capital,' the UK telecom major said in a stock exchange filing on Wednesday.

Vodafone said it is also in advanced discussions with one of the largest shareholders in Indus for the purchase of up to 127.1 million Indus shares, or a 4.7% stake.

'The terms of such an agreement are currently being discussed and there can be no certainty that the sale will proceed. Should the sale be completed, Vodafone would retain 567.2 million shares in Indus, or a 21.0% shareholding,' the company added.

Promoters of Indus Towers, Bharti Airtel, and the UK's Vodafone Group, currently hold 41.73% and 28.12% share in the company, respectively.

In addition, Vodafone said it is also in discussions with several interested parties to sell its balance 21% stake in Indus as well.

Vodafone Group and the Aditya Birla Group (ABG) own 44.39% and 27.66%, respectively in Vodafone Idea as its co-promoters.

'Vodafone and the Aditya Birla Group, the promoters of Vodafone Idea, are committed to supporting Vi in its efforts to strengthen its balance sheet... Vodafone and ABG intend to contribute towards an issue of equity shares by Vi once the terms of such a capital raise have been evaluated and decided on by the board of directors of Vi,' the British major said.

Vodafone and Indus have modified the security arrangements in order to allow the UK companies to dispose of the pledged primary shares and use the proceeds to participate in an issue of new shares by Vi.

The modified terms will continue to provide security to Indus for an equivalent amount of payments by Vi under the Master Services Agreements. Any residual proceeds from the sale of the primary shares that are not used by Vodafone to subscribe for new shares in Vi will be available to Indus until 19 November 2022 to guarantee Vi's obligations under the Master Services Agreements.

Vodafone Idea's share price is currently trading down by 3.5% on the BSE.

Moving on to news from the FMCG sector...

Home-grown FMCG major Dabur has collaborated with state-owned refiner Indian Oil Corporation (IOCL), according to a joint statement released on Wednesday.

'Dabur India is happy to join hands with Indian Oil to provide their around 140 m Indane LPG consumer households across India direct access of Dabur's range of trusted products', the company said.

As part of the partnership, Indane LPG distributors will be Dabur India retail business partners and help sell the entire Dabur range of products directly to the crores of Indane LPG consumer households across the country.

Dabur India CEO Mohit Malhotra said this partnership of two of the oldest and largest Indian brands should be able to unlock significant value for both companies.

'We are excited to be the first FMCG company to join hands with Indian Oil for this unique partnership. This will bring us closer to millions of Indane LPG consumers across urban, semi-urban and rural areas, and is an integral part of our multi-channel go-to-market strategy,' he said.

Indian Oil Executive Director (LPG) S S Lamba said:

'We are happy to tie up with Dabur India for distribution and supply of their products to our consumers. We are appreciative of this new go-to-market route, which will enable convenience and ease of buying for our customers through trusted Indane LPG distributors and their network of delivery personnel.'

Indian Oil, with over 12,750 Indane distributors and more than 90,000 delivery personnel, caters to 143 m households, in every nook and corner of the country.

Dabur and IOCL share prices are currently trading down by 2.4% and 2.8%, respectively.

Speaking of the FMCG sector, have a look at the chart below which shows the performance of BSE Sensex and BSE FMCG index since 2009:

While Sensex has offered 393% returns since 2009, the BSE FMCG index has gone up a staggering 532% returns over the same period.