Shares of three aviation companies were up by 2.49% to 5.88% at 11:25 IST on BSE, following a steep fall in crude oil prices.
SpiceJet (up 5.88%), Jet Airways (up 5.45%) and Interglobe Aviation (up 2.49%), edged higher.The S&P BSE Sensex was down 357.35 points, or 1.01% at 35,117.16.
Crude prices tumbled overnight amid a selloff in global stock markets fed by growing concerns about slowing global growth. In the global commodities markets, Brent for January 2019 settlement was up 75 cents at $63.28 a barrel. The contract had fallen $4.26 a barrel or 6.38% to settle at $62.53 a barrel during the previous trading session.
Lower crude oil prices could benefit aviation firms as jet fuel prices, which typically constitute about 50% of airlines' operating costs, are directly linked to international crude oil prices. Jet fuel prices tend to fall with slide in oil prices.
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