Shares of aviation, OMCs surge up to 7.7% on sliding crude
Shares of aviation and oil marketing companies surged up to 7.7 per cent Wednesday on falling crude oil prices.
New Delhi: Shares of aviation and oil marketing companies surged up to 7.7 per cent Wednesday on falling crude oil prices.
The scrip of InterGlobe Aviation soared 7.67 per cent, SpiceJet rose by 2.83 per cent and Jet Airways (India) gained 1.22 per cent on the BSE.
Shares of Hindustan Petroleum Corporation Ltd went up by 4.75 per cent, Bharat Petroleum Corporation Ltd 4.52 per cent and Indian Oil Corporation 2.90 per cent. Brent crude plunged nearly 7 per cent to USD 65 a barrel.
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"A fall in crude prices could augur well for the Indian economy considering that India imports a majority of its crude requirements," said Abhijeet Dey, senior fund manager-Equities, BNP Paribas Mutual Fund.
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