Aviation and Travel Stocks Plunge Following PM Modi’s Appeal for Economic Discipline

New Delhi (IANS): Aviation, travel, and jewellery stocks faced a sharp selloff on Monday as investors reacted to Prime Minister Narendra Modi’s appeal for citizens to curb non-essential foreign travel. The Prime Minister’s call for fuel conservation and economic prudence, amid escalating global uncertainty in West Asia, triggered widespread selling across several discretionary spending sectors.

Aviation and Travel Sectors Lead Declines

Shares of InterGlobe Aviation (IndiGo’s parent company) spearheaded the downturn in the aviation sector, tumbling 6.88% to an intraday low of ₹4,276.80 on the BSE. Other major players followed suit:

• SpiceJet: Dropped over 4% to ₹13.41.
• GMR Airports: Slipped nearly 4% to approximately ₹97.
• Thomas Cook India: Declined 5.02% to ₹91.94.
• TBO Tek: Fell 5.7% to ₹1,169.30.
• Ixigo: Traded 2.8% lower at ₹163.75.

Jewellery stocks suffered steeper losses, with brands like Titan, Kalyan Jewellers, and BlueStone tumbling up to 12% as concerns grew over a potential slowdown in destination weddings and luxury spending.

The Prime Minister’s Directive

Addressing a public meeting in Secunderabad on Sunday, PM Modi urged the nation to conserve foreign exchange reserves. He specifically advised citizens to avoid unnecessary overseas vacations and destination weddings, citing disruptions in global supply chains and rising energy costs.

“In the present circumstances, saving foreign exchange has become equally important for the nation,” the Prime Minister stated. He further encouraged citizens to:

• Reduce fuel consumption by using metros and public transport.
• Adopt car-pooling for necessary private travel.
• Revive virtual practices such as work-from-home and digital conferences to minimize resource usage.

Global Context Weighs on Markets

The domestic selloff coincided with a broader market dip, as the Sensex and Nifty both traded 1% lower. Geopolitical tensions intensified after the US and Iran failed to reach a peace agreement regarding the West Asia conflict.