IndiGo, SpiceJet and aviation-related stocks slip over 8% as crude oil prices cross $100 a barrel amid Middle East crisis

Aviation stocks faced the wrath of the ongoing crisis in the Middle East as the crude oil prices surpassed $100 a barrel, raising concerns of an increase in aviation turbine fuel (ATF), which accounts for a significant part of airlines' operating costs. The curtailed operations due to the war between the US-Israel and Iran have also affected the industry.

Shares Dreamfolks Services, an airport service aggregator offering services like lounge access, F&B, and airport transfers, quoted 3.50% lower at ₹73.26 per unit.

Similarly, the scrip of GMR Airports Ltd (GAL), a leading global airport developer and operator, was down 3.51% to ₹91.72 apiece.

Global oil benchmark Brent Crude was trading higher by a whopping 25.68% at $116.50 per barrel in futures trade as the ongoing war between the US, Israel and Iran intensified.

Market experts believe that countries that import oil will be hit hard if the Middle East conflict continues and the crude price remains high.

The SENSEX declined 1,907 points or 2.42% to 77,005, while the NIFTY tumbled 2.44% to 23,852.

IndiGo, SBI, Tata Motors Passenger Vehicles, Shriram Finance, Maruti Suzuki, UltraTech Cement, Eicher Motors, Mahindra & Mahindra, JSW Steel and L&T were among the major laggards.

In Asian markets, South Korea's Kospi tumbled 6.5%, and Japan's Nikkei 225 dropped 6%. Hong Kong's Hang Seng index and Shanghai's SSE Composite index were also quoting lower.

The US market ended in the negative territory on Friday.

Foreign Institutional Investors (FIIs) sold equities worth ₹6,030.38 crore on Friday, according to the stock exchange data. Domestic Institutional Investors, or DIIs, bought stocks worth ₹6,971.51 crore in the previous trade.