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The study examined the connection between airline stock prices and crude oil prices. It focused on five airlines - Air India,, IndiGo, Jet Lite,,Jet Airways, and Spice Jet - as well as three types of crude oil markets based on their market capitalization: WTI-West Texas Intermediate and Texas Light Sweet; Brent-North Sea Brent Crude; and Dubai-Dubai Crude. The results revealed that changes in crude oil prices influenced most of the airline stock returns. Specifically, Air India, IndiGo, Jet Airways, and Spice Jet showed significant correlations between their stock returns and crude oil prices during the study period from January 1,,2007 to November 30, 2018. These findings have implications for individual investors, institutional investors, and policymakers.
Laksh Choudhary - (Mon,) studied this question.