Aviation stocks plunge as crude rebounds
Aviation shares plunged in Monday's trade as crude prices rebounded and climbed more than 1.5 per cent after top exporter Saudi Arabia announced a supply cut in December and other producers considered reductions heading into 2019.
Shares of Jet Airways, SpiceJet and Interglobe Aviation dropped around 3.9 to 6.6 per cent. Jet Airways fell around 6.6 per cent in its sharpest intraday drop since October 31. Jet is due to report its quarterly results later in the day. Also, shares of Interglobe Aviation posted their biggest intraday percentage drop since mid-October.
Meanwhile, the shares of Jet Airways opened at Rs 256.20 on BSE against its previous close of Rs 257.40.
Shares of Jet Airways, SpiceJet and Interglobe Aviation dropped around 3.9 to 6.6 per cent. Jet Airways fell around 6.6 per cent in its sharpest intraday drop since October 31. Jet is due to report its quarterly results later in the day. Also, shares of Interglobe Aviation posted their biggest intraday percentage drop since mid-October.
Meanwhile, the shares of Jet Airways opened at Rs 256.20 on BSE against its previous close of Rs 257.40.
