Travel Shares Tumble Amid PM Modi's Call to Postpone Overseas Trips

Amid surging oil prices and geopolitical tensions, shares in travel-related services and aviation firms saw significant declines on Monday. This downturn followed Prime Minister Narendra Modi's call for Indian citizens to postpone overseas travel for a year to save foreign exchange amid the ongoing West Asia crisis.

Stocks of major companies such as Yatra Online and Thomas Cook faced substantial losses, with respective decreases of 5.41% and 3.88% on the BSE. Aviation giants like InterGlobe Aviation and SpiceJet were not spared, experiencing declines of 4.94% and 4.72%.

Brent crude prices climbed 3% to USD 104.4 per barrel, amplifying investor concerns. Modi emphasized the need for judicious use of resources and urged citizens to defer luxury expenditures such as gold purchases and foreign holidays. Hariprasad K from Livelong Wealth noted increased pressure on travel and aviation sectors amid expectations of decreased demand for international travel.

(With inputs from agencies.)