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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.

Representative image. Reuters.

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: Sep 24, 2018 19:56 PM

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