InterGlobe Aviation hits 17-month high

The stock gained 4.4% to Rs 1,206 on BSE in intra-day trade.

Shares of Indigo-owner InterGlobe Aviation  moved higher to its 17-month high of Rs 1,206, up 4.4% on the BSE in an otherwise subdued markets. The stock is trading at its highest level since January 2016.

SpiceJet and Jet Airways (India) also gained in the range of 2% to 3%, following slide in crude prices.

Lower crude oil prices benefit aviation companies as jet fuel constitutes over 40% of an airline's operating costs.

Thus far in the calendar year 2017, SpiceJet (up 121%), Jet Airways (up 58%) and InterGlobe Aviation (46%) have outperformed the Sensex, which gain 17%.