- Aviation stocks fell sharply after PM Modi urged citizens to avoid foreign travel
- InterGlobe Aviation shares dropped 4.44% to Rs 4,322 following the Prime Minister's appeal
- SpiceJet's stock declined 4.15% to Rs 13.41 amid concerns over travel restrictions
Aviation stocks tumbled after the opening bell on Monday, May 11 following Prime Minister Narendra Modi's appeal to citizens on avoiding foreign travel, adopt Covid like measures and save fuel in light of the ongoing crisis in the Middle East.
So far, Interglobe Aviation, IndiGo's parent lagged the most, trading 4.44% lower at Rs 4,322 apiece, followed by SpiceJet, which dropped 4.15% to Rs 13.41 and GMR Airports fell 3.67% at Rs 97.6 per share.
The recent dip comes after PM Modi appealed citizens to help conserve foreign exchange reserves, save fuel and avoid unnecessary foreign travel, overseas vacations and foreign weddings. Additionally, he urged citizens to reduce petrol and diesel consumption by using metros and public transport wherever available, and opting for car-pooling when private vehicles are necessary.
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