Indian airline shares fall after jet fuel jumps to ₹121.28
Business
Indian airline stocks took a hit on Tuesday after jet fuel (ATF) prices jumped for the second month in a row, up 5.46% to ₹121.28 per liter.
IndiGo's parent company, InterGlobe Aviation, saw shares fall 3.21%, while SpiceJet slipped 1.45%.
Rising fuel costs are making it tougher for airlines to keep profits up.
Brent crude $91.05 amid U.S.-Iran tensions
Jet fuel makes up about 35% to 40% of Indian airlines' expenses, so price hikes really sting.
The increase comes as global crude oil prices are also climbing; Brent crude is now at $91.05 a barrel, thanks in part to U.S.-Iran tensions.
With both ATF and oil getting pricier, airlines could be facing even tighter budgets ahead.