InterGlobe Aviation, the parent company of IndiGo, fell 4.74%. SpiceJet declined 2.50%.

The selling pressure came as investors assessed the possible impact of lower outbound travel demand and rising fuel costs on airline profitability.

Speaking at an event in Secunderabad, Telangana, Modi urged people to defer overseas vacations, destination weddings and foreign travel for at least one year. He also called for reduced fuel consumption through greater use of metro rail, carpooling and electric vehicles.

The Prime Minister further advocated wider adoption of work-from-home practices, online meetings and virtual conferences to help conserve fuel and foreign exchange reserves.

The decline in aviation stocks also reflected concerns over elevated crude oil prices amid the ongoing U.S.-Iran conflict. Higher crude prices are expected to increase aviation turbine fuel costs, a major expense component for airlines.

Investors also remained cautious over the potential impact of geopolitical tensions on inflation, India’s import bill and international travel demand.