Shares of oil marketing, aviation companies tank up to 6 per cent

Shares of oil marketing and aviation companies tumbled up to 6.3 per cent on Monday after the international benchmark Brent crude again breached the $71-mark.

The scrip of Hindustan Petroleum Corporation Ltd tanked 6.23 per cent, Indian Oil Corporation Ltd 4.59 per cent and Bharat Petroleum Corporation Ltd 1.87 per cent on BSE.

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Among aviation companies, shares of Jet Airways (India) Ltd tumbled 5.96 per cent, InterGlobe Aviation Ltd 4.32 per cent and SpiceJet 3.53 per cent.

The benchmark Brent crude snapped its four-day losing streak and rose 2.09 per cent to 71.62 per barrel after Saudi Arabia, the world’s top crude exporter, said Sunday it will cut oil output from next month, as major producers held a key meeting to discuss shoring up sliding prices.