NEW DELHI: Shares of aviation companies took a beating as crude oil prices continued their upward surge.Shares of SpiceJet fell 3.3 per cent while those of Jet Airways and Interglobe Aviation slipped 1.23 per cent and 0.9 per cent, respectively.Oil prices hit their eight-month high in overnight trade, buoyed by a plunge in the dollar and falling Nigerian oil output after a spate of attacks on its infrastructure.Rising crude oil price creates a risk of fresh hike in air turbine fuel (ATF), which accounts for 40 per cent of costs for the aviation companies.

Source: Economic Times June 08, 2016 04:59 UTC