Mumbai, March 9 (SocialNews.XYZ) Shares of Indian aviation companies on Monday witnessed heavy selling pressure as tensions in the Middle East escalated, pushing crude oil prices past the $110 per barrel mark after major producers reduced output while the Strait of Hormuz remained effectively closed due to the Iran conflict.
Several airline and helicopter service provider stocks declined sharply, including InterGlobe Aviation (IndiGo).
IndiGo shares ended at Rs 4,236, down around 4 per cent on the BSE. The stock hit an intra-day low of Rs 4,035.65, plunging 8.37 per cent from last week’s closing level.
Similarly, shares of SpiceJet declined 6.64 per cent to close at Rs 13.07 on the exchange. The scrip recorded an intraday low of Rs 12.85 on Monday, an 8.21 per cent fall from the previous close.
Meanwhile, shares of FlySBS Aviation -- listed in the SME category on the NSE -- closed around 5 per cent lower at Rs 433.35.
In contrast, shares of private helicopter operator, Global Vectra Helicorp, ended higher at Rs 158 on the BSE.
Equity benchmarks also witnessed selling across sectors, except for the technology index. Sensex plunged 1,352.74 points or 1.71 per cent to close at 77,566.16, while the Nifty 50 settled at 24,028.05, down 422.40 points or 1.73 per cent.
Sectorally, most indices ended lower, with Nifty Auto emerging as the top laggard, falling about 4 per cent to 25,965.95, followed by Nifty PSU Bank, which also declined around 4 per cent to 8,819.30.
Investor sentiment was weighed down by surging crude oil prices, which crossed $100 per barrel amid escalating tensions in the Middle East.
Prices nearly touched $110 per barrel after major regional producers cut output while the Strait of Hormuz remained effectively closed due to the Iran conflict.
Source: IANS
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