Shares of airlines, oil marketing companies (OMCs), paint and tyre makers fell on Friday as oil prices extended their surge, with Brent crude approaching $110 a barrel amid escalating supply concerns in the Middle East. SpiceJet, Hindustan Petroleum Corporation (HPCL) and InterGlobe Aviation (IndiGo) were among the major losers, falling about 2-5 percent in early trade.
SpiceJet shares dropped 4.6 percent to Rs 8.48, while HPCL fell 3.1 percent to Rs 341.85. IndiGo, India's largest airline, declined 1.7 percent to Rs 4,861.50.
Other oil-sensitive stocks also traded lower. Bharat Petroleum Corporation (BPCL) fell 1.9 percent to Rs 297.30, while Indian Oil Corporation (IOC) declined 0.5 percent to Rs 134.23.
Paint and tyre stocks, which are also sensitive to crude prices because several petroleum derivatives are used as raw materials, came under pressure. Kansai Nerolac Paints fell 1.8 percent, Asian Paints declined 1.3 percent and Berger Paints slipped 0.3 percent. Apollo Tyres, JK Tyre & Industries and CEAT fell around 1-1.6 percent.
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