Aviation stocks tumble up to 7.2% as crude oil prices hit four-year high of $80 per barrel

Shares of Spicejet plunged 7.20 percent, Jet Airways tumbled 7.05 percent and InterGlobe Aviation 4.97 percent on BSE.

Press Trust of India September 24, 2018 19:56:09 IST
Aviation stocks tumble up to 7.2% as crude oil prices hit four-year high of $80 per barrel

New Delhi: Aviation stocks plunged up to 7.2 percent on Monday as Brent crude price crossed $80 per barrel.

Aviation stocks tumble up to 72 as crude oil prices hit fouryear high of 80 per barrel

Representative image. Reuters.

Shares of Spicejet plunged 7.20 percent, Jet Airways tumbled 7.05 percent and InterGlobe Aviation 4.97 percent on BSE.

Brent crude prices hit a four-year high before trading up 2.34 percent at $80.07 a barrel while WTI gained 1.81 percent to $72.06 a barrel.

Shares of oil marketing companies also faced selling pressure, with Hindustan Petroleum Corporation falling 3.55 percent, Bharat Petroleum Corporation 2 percent and Indian Oil Corporation 1.68 percent on BSE.

The broader market also continued to depict a weak trend with the benchmark Sensex falling sharply by 536.58 points or 1.46 percent to end at 36,305.02, extending its fall for the fifth day.

Updated Date:

also read

Indian Oil Corp most profitable PSU for second year in a row; trumps state-run explorer ONGC
Business

Indian Oil Corp most profitable PSU for second year in a row; trumps state-run explorer ONGC

ONGC was for long India's most profitable company but lost the crown to private sector Reliance and TCS three years back.

Petrol, diesel price hike: Centre will not cut excise duty on fuels; no immediate relief for consumers
Business

Petrol, diesel price hike: Centre will not cut excise duty on fuels; no immediate relief for consumers

A cut in the excise duty on fuel will negatively impact the fiscal deficit glide path.

State-owned IOC, BPCL may buy 26% stake each in GAIL, pay Centre Rs 200 billion each
Business

State-owned IOC, BPCL may buy 26% stake each in GAIL, pay Centre Rs 200 billion each

Following Finance Minister Arun Jaitley's February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government's 54.89 percent stake in GAIL