Business

Airline, oil marketing stocks fall as crude prices surge

Airline and oil marketing stocks on Monday fell as crude oil prices surged after OPEC and its allies agreed to cut down on crude production.

migrator

New Delhi

SpiceJet shares dropped 4.90 per cent to Rs 44.60 per unit -- its lower circuit -- on the BSE.

InterGlobe Aviation, parent company of IndiGo, also dipped 4.74 per cent to Rs 990.

Among oil marketing stocks, Hindustan Petroleum Corporation declined 3.87 per cent to Rs 199.85, Bharat Petroleum Corporation fell 2.52 per cent to Rs 336.35 and Indian Oil Corporation shares fell 2 per cent to Rs 81.70.

Crude prices surged after top oil-producing nations agreed on output cuts to support falling oil prices.

Brent crude futures, the global oil benchmark, surged 4.29 per cent to USD 32.83 per barrel.

The 30-share BSE index was also trading 388.88 points lower during the morning trade.

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