Aviation stocks, including InterGlobe Aviation and Spicejet shares, cracked more than 5% each on Friday, weighed down by a sharp surge in crude oil prices due to the Israel-Iran conflict, and weak sentiment after the Air India plane crash in Ahmedabad.
IndiGo share price declined as much as 5.62% to ₹5,175.00 apiece, while SpiceJet share price plunged 5.64% to ₹42.16 apiece on the BSE.
The fall in aviation stocks comes after the international crude oil prices jumped more than 13% during the day amid escalating geopolitical tensions in the Middle East after Israel launched airstrikes on Iran and targeted its key nuclear and military sites.
Brent crude oil price rallied 9.39% to $75.87 a barrel, while the US West Texas Intermediate (WTI) crude futures surged 9.42% to $74.45.
At 9:35 AM, IndiGo share price was trading 4.91% lower at ₹5,213.90 apiece, while Spicejet share price was down 3.42% at ₹43.15 apiece on the BSE.
