Shares of SpiceJet, Indigo were trading down in today's bearish market, after international media houses reported Iran shooting down a US military drone, that led crude prices rising to three-week highs.
While InterGlobe Aviation stock has fallen by 3.24% to touch an intraday low of Rs 1,531.55, SpiceJet made a day's low of Rs 123.40, after falling 5.51% on BSE.
A US drone had been shot down in international airspace over the Strait of Hormuz, one of the world's most vital shipping routes, adding fresh fears on the already volatile situation playing out between Washington and Tehran in the Middle East.
Currently, Brent Crude, the global oil benchmark, is trading at $64.66 per barrel, up by 0.33%. It closed at $64.45 a barrel on Thursday.
Both the stocks opened at their day's high today and turned bearish with the opening bell.
At 1:00 pm, the Indigo share price was down by 45.35 points or 2.87% at 1537.50, while SpiceJet shares were trading at Rs 124.50, by a fall of 6.10 points or 4.67%.
In a separate development, Indian aviation regulator released the latest domestic air traffic data on June 18, which shows IndiGo remains the largest airline with a market share of 49%, while SpiceJet attained its highest-ever market share of 14.8%.
Domestic market was also cautious ahead of Finance Minister Nirmala Sitharaman's first meeting of the GST Council on Friday.
(Edited by Rupa Burman Roy)