Airline, paint and tyre stocks slide as Brent nears $110

Shares of airlines, oil marketing companies, paint makers and tyre producers fell up to around 5% in early trade on Friday as Brent crude approached $110 a barrel on escalating Middle East supply worries. SpiceJet led the declines, dropping 4.6% to Rs 8.48.

leum Corporation (HPCL) slipped 3.1% to Rs 341.85, while InterGlobe Aviation (IndiGo) eased 1.7% to Rs 4,861.50. Other oil marketing companies also weakened, with Bharat Petroleum Corporation (BPCL) down 1.9% to Rs 297.30 and Indian Oil Corporation (IOC) off 0.5% to Rs 134.23. Paint stocks came under pressure because many of their raw materials are petroleum derivatives. Kansai Nerolac Paints fell 1.8%, Asian Paints declined 1.3% and Berger Paints slipped 0.3%. Tyre makers Apollo Tyres, JK Tyre & Industries and CEAT lost between 1% and 1.6%.