Aviation stocks continue to slide; Jet Airways plunges nearly 10%

Aviation stocks continued their slide Tuesday, tumbling up to 10 per cent, after the Brent crude went past the USD 81 per barrel mark in global markets, which may adversely affect their earnings. Shares of Jet Airways plunged 9.81 per cent, SpiceJet fell by 3.78 per cent and InterGlobe Aviation 1.19 per cent on BSE. Selling was also seen in oil marketing companies, with Hindustan Petroleum Corporation declining 2.09 per cent, Indian Oil Corporation 0.74 per cent and Bharat Petroleum Corporation Ltd 0.37 per cent.

Crude oil was elevated at near four-year highs. Aviation stocks had plunged up to 7.2 per cent Monday also.

Besides, shares of oil marketing companies had also faced selling pressure in the previous trading session.