New Delhi, May 11 (IANS) Aviation and travel-related stocks came under sharp selling pressure on Monday after Prime Minister Narendra Modi urged citizens to avoid non-essential foreign travel and adopt fuel-saving measures amid rising global uncertainty linked to the ongoing crisis in West Asia.

Shares of InterGlobe Aviation — the parent company of IndiGo — led the decline among aviation counters, falling 6.88 per cent during early trade to hit an intraday low of Rs 4,276.80 apiece on the BSE.

Meanwhile, SpiceJet shares dropped more than 4 per cent to Rs 13.41, while GMR Airports slipped nearly 4 per cent to around Rs 97 per share.

Additionally, travel agency-related counters also witnessed selling pressure amid concerns that any slowdown in discretionary overseas travel could weigh on sector demand.

Thomas Cook India shares declined 5.02 per cent to hit an intraday low of Rs 91.94 during morning trade, while TBO Tek shares fell 5.7 per cent to Rs 1,169.30.

Le Travenues Technology Ltd (Ixigo) shares traded 2.8 per cent lower at Rs 163.75.

In addition, jewellery-related stocks tumbled up to 12 per cent, including Titan, Kalyan Jewellers, Sky Gold and Diamonds, Senco Gold, and BlueStone Jewellery and Lifestyle,

The selloff followed PM Modi’s appeal to citizens on Sunday to help conserve foreign exchange reserves by avoiding unnecessary overseas vacations, destination weddings and non-essential foreign travel.

Addressing a BJP public meeting at the Parade Grounds in Secunderabad, he stressed the need for economic discipline and prudent consumption amid disruptions in global supply chains and rising energy prices.

He also urged people to reduce petrol and diesel consumption by increasingly using metros and public transport systems wherever available, while encouraging car-pooling when private vehicles were necessary.

“In the present circumstances, saving foreign exchange has become equally important for the nation,” PM Modi said during his address.

PM Modi further advocated reviving COVID-19-era practices such as work-from-home, virtual meetings and digital conferences in the national interest.

However, equity benchmarks Sensex and Nifty also traded 1 per cent lower each after the US and Iran failed to reach an agreement on a peace proposal related to the West Asia conflict.

Notably, US President Donald Trump, on a social media platform, said, “I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it — TOTALLY UNACCEPTABLE!”

–IANS

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