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Airline stocks tumbled by up to 9.11 per cent on BSE on Tuesday on massive selling, as investors chose to remain on sidelines in view of the soaring crude oil prices due to political unrest in Libya.
Low cost airline Spicejet was the worst hit and fell 9.11 per cent to Rs 42.40 a piece on the Bombay Stock Exchange. The company share value has dwindled by 12.75 per cent in the four straight trading sessions.
Jet Airways tumbled by 7.66 per cent to settle at Rs 436.30, while the Kingfisher Airlines counter witnessed a decline of 4.36 per cent to close at Rs 39.45 on BSE.
Aviation stocks are under pressure due to increasing crude oil prices in the international market on concerns of supply disruptions from rising geo political tensions in one of the major oil producing countries Libya, according to analysts.
Taking strong cues from overseas, crude oil futures prices rose by Rs 128 to Rs 4,432 per barrel today in the domestic market, leading to sell off in the aviation stocks.
Meanwhile, the BSE 30—share benchmark Sensex finished the day 142.15 points lower at 18,296.16 levels.
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