Two airline stocks fell by 0.7% to 1.16% at 11:00 IST on BSE after surge in crude oil prices.
Meanwhile, the S&P BSE Sensex was down 255.28 points or 0.91% at 27,856.55.
Among airline stocks, Jet Airways (India) (down 1.16%) and SpiceJet (down 0.7%) edged lower.
Brent crude oil futures extended yesterday's gains on concern over the worsening geopolitical situation in the Middle East after Saudi Arabia said it and its allies had launched airstrikes on rebel forces in Yemen. Brent for May settlement was up $1.51 a barrel at $57.99 a barrel. The contract had gained $1.37 a barrel or 2.48% to settle at $56.48 a barrel during the previous trading session.
Jet fuel or aviation turbine fuel (ATF) typically makes up almost half of an airline's operating cost. Prices of jet fuel are directly linked to crude oil prices.
PSU OMCs review jet fuel prices on the last day of the month based on the average imported oil price for the month.
Powered by Capital Market - Live News
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app