IndiGo, HPCL, other oil sensitive stocks plunge up to 5% as US strikes on Iran lifts crude prices

Indian oil marketing and airline stocks fell sharply after US strikes on Iran pushed Brent crude up 2.16 percent to 76 dollars per barrel and WTI up 2.31 percent to 72 dollars. HPCL dropped over 4 percent, BPCL plunged 5 percent, IOC declined 3.5 percent, while IndiGo fell 3 percent and SpiceJet dipped over 1 percent, with Nifty Oil and Gas falling 2 percent. The escalation revived concerns about shipping through the Strait of Hormuz, which handles about one-fifth of global energy supply, with analysts warning that inventories drawn down during prior disruptions will take time to rebuild.