West Asia conflict hits Indian airlines: Why shares are falling
IndiGo and SpiceJet shares took a hit on Wednesday (March 4, 2026) as the West Asia conflict disrupted flights and pushed up fuel costs.
IndiGo's stock slid 4.6% and SpiceJet dropped nearly 8%, reflecting how global tensions are shaking up Indian airlines.
Flight cancelations could cost IndiGo dearly
Flight cancellations—over 500 for IndiGo alone in just a few days—mean less revenue and more headaches for travelers.
JM Financial estimates these disruptions could cost IndiGo around ₹56.5 crore in profit before tax (PBT) if they persist for a fortnight, roughly 3% of its 4QFY26 PBT.
Fuel prices, currency concerns weigh on airline stocks
Rising crude oil prices and a weaker rupee are piling on the pressure, since fuel is a huge chunk of airline expenses.
With Brent crude up $5, IndiGo's earnings could drop by 13%.
Meanwhile, SpiceJet shares have crashed to their lowest in over a decade, despite recent revenue growth.