New Delhi: Aviation stocks, SpiceJet and JetAirways, surged up to 4.5 per cent today following slide in crude prices. Shares of SpiceJet jumped 4.49 per cent to close at Rs 117.50 and Jet Airways rose by 2.01 per cent to Rs 533.55 on BSE.
The scrip of InterGlobe Aviation went up by 0.75 per cent to close at Rs 1,116.40. SpiceJet also touched its 52-week high of Rs 121.85 in intra-day trade.
Oil hurtled down to a five-month low of USD 43.76 a barrel in New York today.
Lower crude oil prices benefit aviation companies as jet fuel constitutes over 40 per cent of an airline's operating costs.