Indian airline stocks drop on higher overnight oil prices

Indian airline stocks have slipped as the Brent crude oil prices rose overnight, supported by concerns that falling Iranian output will tighten markets once US sanctions bite from November.

The shares of Jet Airways (India) Limited, Interglobe Aviation Limited, and Spicejet Limited fell 1.3 per cent to 3.6 per cent, reports Reuters.

Indian carriers seen posting combined losses of up to $1.9 billion this financial year, led by companies like Air India and Jet Airways, due to rising costs and low air fares, an aviation consulting firm said.

The Jet Airways fell as much as 3.6 per cent to one-week low, said the report.

As of last close, the share prices of Jet Airways dropped 65.7 per cent this year, IndiGo owner Interglobe Aviation slipped 21.3 per cent in the period, while Spicejet fell 45 per cent.