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
