Shares of three aviation companies dropped by 1.58% to 4.8% at 14:09 IST on BSE as global crude oil prices rose.
Meanwhile, the S&P BSE Sensex was up 27.92 points or 0.1% at 26,871.06
SpiceJet (down 4.8%), InterGlobe Aviation (down 1.61%) and Jet Airways (India) (down 1.58%) declined. Higher crude oil prices adversely affect aviation firms as jet fuel prices, which typically constitute about 50% of airlines' operating costs, are directly linked to international crude oil prices.
Brent for August settlement was currently up 13 cents at $50.17 a barrel. The contract had risen 32 cents or 0.64% to settle at $50.04 a barrel during the previous trading session after a weekly report showed a decline in US crude inventories.
Powered by Capital Market - Live News
