India's key stock index drops more than 3 percent on oil price concerns

Indian shares dropped 3.7 percent Tuesday with investors jittery over rising inflation and soaring global oil prices.

The Bombay Stock Exchange's benchmark 30-stock Sensex fell 500 points, or 3.7 percent to close at 12,962 points.

On the broader National Stock Exchange, the 50-company S&P Nifty index dipped 144 points, or 3.6 percent, to 3,897 points.

India's inflation for the second week of June rose to a 13-year high of 11.42 percent.

Analysts said the markets were reacting to weak global cues as oil prices climbed to $142 a barrel Tuesday.

The Sensex fell below the psychologically important 13,000 mark for the first …