Oil prices posted the deepest plunge in more than three years in the international market. Brent crude, used to price international oils, dropped to $65.17 a barrel. Oil has now fallen roughly 30 percent for 12 straight days, driven by worries over rising oil production around the world and weakening demand from developing countries, with expectations for increased supply from the US and OPEC.

Brent crude prices were trading at $68.15 per barrel, down 2.08% from their previous close. Benchmark US crude fell 78 cents to $59.15 per barrel in electronic trading on the New York Mercantile Exchange. The contract sank 26 cents on Monday to $59.93.

However, most Asian markets ended lower after a rout in tech stocks, tracking a hefty sell-off on Wall Street, while the dollar hit a 16-month peak on safe haven bets amid China-US trade war worries.

While the SpiceJet stock fell up to 4.12%, InterGlobe Aviation declined up to 4.43%.  The Jet Airways stock too lost 6.54% on the BSE.

With crude oil prices reaching new highs and rupee depreciating around 13 per cent against the US dollar since the beginning of the year, the headwinds faced by India's airlines are showing no signs of abating.

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IndiGo's parent InterGlobe Aviation on Wednesday reported a loss of Rs 652.1 crore in the three months ended September as higher costs and intense competition took a toll on the bottom line.