New Delhi | Shares of airline companies, tour and travel-related service providers tumbled on Monday amid escalating tensions in the Middle East.
The stock of InterGlobe Aviation ended 6.25 per cent lower after falling 7.50 per cent during intraday trade on the BSE. Shares of SpiceJet also dropped 5.72 per cent and in intraday trade, it had declined 9.20 per cent.
Shares of Yatra Online tumbled 9.59 per cent, Easy Trip Planners slumped 7.08 per cent, TBO TEK dived 4.04 per cent, Thomas Cook dropped 3.57 per cent, and Le Travenues Technology dipped 2.08 per cent.
In the equity market, the 30-share BSE Sensex tanked 2,743.46 points or 3.37 per cent to 78,543.73 in early trade. It later ended at 80,238.85, down 1,048.34 points or 1.29 per cent.
The 50-share NSE Nifty tumbled 575.15 points or 2.28 per cent to 24,603.50 in intraday trade. The benchmark later settled 312.95 points or 1.24 per cent down at 24,865.70.
Brent crude, the global oil benchmark, jumped 7.75 per cent to USD 78.49 per barrel.
The conflict between Israel, the US, and Iran has resulted in multiple airspace closures in the Middle East, massively disrupting flight operations.
The Indian Association of Tour Operators (IATO) on Sunday reported a noticeable rise in booking cancellations and rescheduling requests, particularly for sectors connecting India with Europe via major Gulf hubs, due to airspace restrictions arising from the Middle East crisis.
IATO President Ravi Gosain told PTI that travel agents across the country are working closely with airlines and overseas partners to minimise inconvenience to passengers by facilitating re-bookings, refunds, and alternate routings.
"Aviation stocks also saw some profit-taking amid fears of elevated ATF prices," Vikram Kasat, Head - Advisory, PL Capital, said
