Airline, oil marketing stocks fall as crude prices surge; SpiceJet down 4.9%, IndiGo 4.7%
Airline and oil marketing stocks on Monday fell as crude oil prices surged after OPEC and its allies agreed to cut down on crude production
New Delhi: Airline and oil marketing stocks on Monday fell as crude oil prices surged after OPEC and its allies agreed to cut down on crude production.
SpiceJet shares dropped 4.90 percent to Rs 44.60 per unit -- its lower circuit -- on the BSE.
InterGlobe Aviation, the parent company of IndiGo, also dipped 4.74 percent to Rs 990.
Among oil marketing stocks, Hindustan Petroleum Corporation declined 3.87 percent to Rs 199.85, Bharat Petroleum Corporation fell 2.52 percent to Rs 336.35 and
Indian Oil Corporation shares fell 2 percent to Rs 81.70.
Crude prices surged after top oil-producing nations agreed on output cuts to support falling oil prices.
Brent crude futures, the global oil benchmark, surged 4.29 percent to $32.83 per barrel.
The 30-share BSE index was also trading 388.88 points lower during the morning trade.
Tokyo Olympics 2020 Latest Updates: As 'Games like no other' appear on horizon, a daily look at noteworthy developments
With 100 days remaining for the Tokyo Olympics Opening Ceremony, there are as many questions as there are answers about how the Games will go on. Follow this live blog for a day-to-day breakdown of the most critical updates about Tokyo 2020:
With 100 days to go until the opening ceremony on 23 July, AFP chronicles Tokyo's troubled journey to the Games.
Ikee clinched a place in Japan's medley relay team at the trials for the coronavirus-postponed Tokyo Games on Sunday, just two years after being diagnosed with leukaemia.