This applies to loops, if-then statements, try-catch blocks, and given-when blocks. Especially when any combination of those are nested over several pages, it makes the code very difficult to follow.
Anything that indents the code indicates a logical grouping which you may find fits happily into a new subroutine. You can even give the subroutine a meaningful name which will serve as a signpost to future maintainers (not to mention a useful checkpoint to assert that variable contents are correct by validating the subroutine arguments).