- Prime Minister Modi signalled a revival of Covid-era measures amid geopolitical tensions
- Travel stocks fell sharply, with Yatra down 5.44% and Thomas Cook down 3.97% by 9:45 am
- Modi urged citizens to avoid foreign travel and choose domestic tourism to save foreign exchange
Travel stocks are under pressure today after Prime Minister Narendra Modi signalled a revival in teh Covid playbook amid teh ongoing geopolitical tensions. He emphasised that patriotism is not only about sacrificing one's life for the nation, but also about living responsibly and fulfilling duties towards the country during difficult times.
As of 9:45 am, Yatra was lagging the most, trading lower by 5.44%, followed by Thomas Cook, which fell 3.97%, Make My Trip, which fell 3.27%, and TBO Tek which slumped 2.48%. Ixigo, IRCTC, and BLS International also saw cuts of around 2%.
The Prime Minister appealed to citizens to help conserve foreign exchange reserves by avoiding unnecessary foreign travel, overseas vacations and foreign weddings, and choosing domestic tourism and celebrations within India. This directly impacts travel stocks.
Additionally, he urged citizens to reduce petrol and diesel consumption by sing metros and public transport wherever available, and opting for car-pooling when private vehicles are necessary. He added that citizens should prefer railway transport for movement of goods, and increase the use of electric vehicles wherever possible.
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