With the crude oil price rise, shares of SpiceJet declined over 5 per cent while those of InterGlobe Aviation (IndiGo) fell almost 3 per cent.
After Iran shot down a military drone, crude has risen to three-week high raising fears of about fresh conflicts in the Middle East and supply constraints.
However, according to the data released by aviation regulator DGCA last Tuesday, the domestic air passenger saw a rebound in May. It increased by 2.96 per cent after a sag in April.
Meanwhile, IndiGo maintained its top position with a 49 per cent share of the domestic passenger market in May. While SpiceJet’s market share increased from 13.1 per cent in April to 14.8 per cent in May, giving it the number two spot, as per the data.
Around 10:20 am, shares of SpiceJet traded 4.29 per cent down at Rs 125 while those of IndiGo was 2.14 per cent down at Rs 1,548.90.
Read EquityPandit’s Nifty Outlook for the Week