Prime Minister Narendra Modi on Monday reiterated his appeal for citizens to cut fuel consumption, use public transport and electric vehicles more widely, defer gold purchases and opt for work from home wherever possible as the West Asia crisis continues to disrupt energy and trade flows. He had first made the appeal on Sunday, May 10, and repeated it a day later while addressing a gathering in Vadodara.

Speaking after inaugurating the Sardar Dham Hostel built by the Patidar community, Modi said India had faced crises before and citizens had always responded when the government asked for restraint. He said the country must once again act with discipline, reduce unnecessary foreign travel and avoid spending foreign currency on non-essential activities.

Energy security concerns

The Prime Minister said the West Asia crisis is among the worst of the decade and stressed that India must reduce its dependence on imported fuel and other foreign supplies. India relies heavily on West Asia for crude oil and liquefied petroleum gas, making the region’s instability a direct concern for domestic energy security.

PM urged citizens to use public transport and electric vehicles more frequently, reduce personal foreign travel, and postpone gold purchases to help protect India's foreign exchange reserves. He also revived the idea of work from home, calling it a practical step to reduce fuel use. India depends heavily on West Asia for crude oil and LPG, and the PM linked the appeal directly to that vulnerability.

"Whenever India has faced war or any major crisis, citizens have responded to the government's call. We need to do the same today," he said.

How markets reacted to PM's message

Dalal Street did not take long to price in the implications. Aviation stocks bore the brunt — IndiGo fell nearly 7% intraday, SpiceJet dropped over 4%, and GMR Airports slipped close to 4%. Travel companies including Thomas Cook India and TBO Tek fell between 5% and 6%.

Jewellery counters were hit even harder. Titan, Kalyan Jewellers, Senco Gold and others fell over 10% after the PM's gold deferral appeal. The selling was broad-based across the sector.

Based on the BSE data, the all India market capitalisation dropped from ₹473.10 lakh crore on Friday (May 8) to ₹466.58 lakh crore on Monday (May 11) — a wipeout of approximately ₹6.52 lakh crore in a single session.

Industry weighs in

Mahindra Group CEO and MD Anish Shah backed the call, saying the moment presented India with an opportunity to accelerate its shift toward cleaner energy. He said Mahindra remained committed to electrification and renewable energy solutions and called for a coordinated push from government, industry and citizens to build energy resilience.

"At a time when the world is navigating heightened energy volatility, these measures underscore the importance of responsible consumption and long-term sustainability. For India, this is also an opportunity to accelerate the transition towards cleaner, more efficient energy systems. As a group with a strong presence across mobility, energy, and sustainability, Mahindra remains committed to advancing electrification, investing in renewable energy solutions, and driving innovations that reduce dependence on fossil fuels. We believe that meaningful progress will come from a collaborative effort across government, industry, and citizens to build a more resilient and energy-secure future for the country,” Shah said in a statement.