Is the recent drop in Indian markets really because of the war, or are structural issues playing a bigger role?

Lately everyone is attributing the recent fall in Indian markets to the Middle East war - rising crude, weak rupee, global risk-off sentiment, etc. But I’m wondering if that’s the full picture. Historically, Indian markets have absorbed geopolitical shocks relatively quickly. So if this correction is sharper than usual, is it really just war-driven panic? Or is the conflict simply acting as a trigger for underlying weaknesses that were already building up?