The latest rout in the domestic equities market rattled crude-sensitive stocks across sectors, including oil refining, aviation, tyre manufacturing, and paints.
The stocks of airline operators like IndiGo and SpiceJet were trading lower by up to 5 percent.
The stocks of oil marketing companies were also rattled by the rise in crude oil prices to their record level since the start of the West Asia conflict.
The stock of IndiGo touched its intraday low at Rs 4,174, which was almost 4 percent lower than the previous close of Rs 4,345.90 apiece.
SpiceJet declined up to 5 percent on the bourses, as the stock slipped to Rs 13.28 compared to the previous close of Rs 13.97 apiece.
Aviation companies are among the worst hit due to the US-Iran conflict and the resultant closure of the crucial Strait of Hormuz, which used to cater to a fifth of the world’s energy supplies before the start of the war.
Tyre stocks such as Ceat and JK Tyre also traded in deep red. While the scrip of Ceat declined up to 4.8 percent to Rs 3,445.75, JK Tyre lost as much as 2.3 percent to Rs 397.50 apiece.
Tyre makers are sensitive to crude prices, as several raw materials, including synthetic rubber and carbon black, are linked to crude derivatives.
The stocks of oil marketing companies also took a hit, with Bharat Petroleum declining 2.7 percent on the bourses, while Indian Oil slumped up to 2.2 percent. The stock of Hindustan Petroleum shed almost 3 percent during the trade.
Among the sectoral indices, Nifty Metals was trading among the biggest losers with a decline of 1.7 percent, while Nifty PSU Bank shed almost 1.6 percent.
Out of the 19 sectoral indices on the National Stock Exchange, 15 were trading in the red, while only four remained positive.
