Three airline stocks lost by 3.38% to 5.5% at 13:09 IST on BSE as US crude oil futures surged on concern that conflict in Syria may spread to other parts of the Middle East and threaten oil supplies.
SpiceJet (down 5.5% at Rs 19.75), Jet Airways (down 5.49% at Rs 292.75), and Kingfisher Airlines (down 3.38% at Rs 3.43), edged lower.
Meanwhile, the S&P BSE Sensex was down 106.89 points or 0.59% at 17,861.19.
SpiceJet had underperformed the market over the past one month till 27 August 2013, declining 16.9% compared with the Sensex's 9.01% fall. The scrip had also underperformed the market in past one quarter, sliding 41.86% as against Sensex's 10.3% fall.
Jet Airways (India) had underperformed the market over the past one month till 27 August 2013, declining 21.68% compared with the Sensex's 9.01% fall. The scrip had also underperformed the market in past one quarter, sliding 43.25% as against Sensex's 10.3% fall.
Kingfisher Airlines had underperformed the market over the past one month till 27 August 2013, declining 18.58% compared with the Sensex's 9.01% fall. The scrip had also underperformed the market in past one quarter, sliding 35.34% as against Sensex's 10.3% fall.
US crude oil futures for October 2013 delivery were up $1.27 a barrel at $110.28 a barrel in the electronic trading today, 28 August 2013. The contract had surged $3.09 a barrel or 2.91% to settle at $109.01 a barrel on the New York Mercantile Exchange on Tuesday, 27 August 2013, its highest closing level since 24 February 2013.
Aviation turbine fuel (ATF) or jet fuel constitutes more than 50% of operating cost for airliners. Prices of jet fuel are directly linked to crude oil prices.
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