IndiGo, Thomas Cook stocks fall up to 7% after Modi's travel appeal
Synopsis
PM Modi's Sunday appeal urging Indians to skip foreign holidays and conserve fuel triggered a swift market reaction on Monday — IndiGo parent InterGlobe Aviation fell nearly 7%, Thomas Cook India dropped 5%, and jewellery stocks shed up to 12%, as investors priced in a potential demand slowdown across travel and discretionary spending.
Key Takeaways
InterGlobe Aviation (IndiGo) fell 6.88% to an intraday low of ₹4,276.80 on 11 May after PM Modi's foreign travel appeal.
Thomas Cook India dropped 5.02% to ₹91.94 ; TBO Tek fell 5.7% to ₹1,169.30 ; Ixigo shed 2.8% to ₹163.75 .
Jewellery stocks including Titan , Kalyan Jewellers , and Senco Gold tumbled up to 12% .
PM Modi urged citizens on 10 May to avoid non-essential foreign travel and reduce petrol and diesel consumption to conserve foreign exchange.
Sensex and Nifty also traded 1% lower each after the US and Iran failed to reach a peace agreement on the West Asia conflict.
IndiGo parent InterGlobe Aviation and travel stocks came under sharp selling pressure on Monday, 11 May, after Prime Minister Narendra Modi urged citizens to avoid non-essential foreign travel and adopt fuel-saving measures amid escalating tensions in West Asia. The selloff extended to jewellery counters, with some stocks shedding up to 12% in early trade on the BSE.
Aviation and Travel Stocks Hit Hard
InterGlobe Aviation — the parent company of IndiGo — led the decline among aviation counters, falling 6.88% during early trade to hit an intraday low of ₹4,276.80 per share on the BSE. SpiceJet shares dropped more than 4% to ₹13.41, while GMR Airports slipped nearly 4% to around ₹97 per share.
Travel agency counters also witnessed broad-based selling amid concerns that a slowdown in discretionary overseas travel could weigh on sector demand. Thomas Cook India shares declined 5.02% to an intraday low of ₹91.94, while TBO Tek fell 5.7% to ₹1,169.30. Le Travenues Technology Ltd (Ixigo) shares traded 2.8% lower at ₹163.75.
Jewellery Stocks Among the Worst Affected
Jewellery-related counters tumbled up to 12%, with Titan, Kalyan Jewellers, Sky Gold and Diamonds, Senco Gold, and BlueStone Jewellery and Lifestyle all recording significant losses. The selloff in this segment is linked to concerns over reduced discretionary spending and potential pressure on gold import demand if foreign exchange conservation becomes a policy priority.
What PM Modi Said
Addressing a Bharatiya Janata Party (BJP) public meeting at the Parade Grounds in Secunderabad on Sunday, 10 May, PM Modi stressed the need for economic discipline amid disruptions in global supply chains and rising energy prices. He appealed to citizens to help conserve foreign exchange reserves by avoiding unnecessary overseas vacations, destination weddings, and non-essential foreign travel.
Point of View
But markets read it as a demand-destruction signal for aviation, travel, and discretionary spending. The timing is significant — Indian outbound tourism has been recovering strongly post-COVID, and any policy nudge against foreign travel could structurally reset airline revenue projections. The jewellery selloff is a second-order read: if foreign exchange conservation becomes a sustained policy theme, gold import curbs may follow, as they did in 2013. Investors are not waiting to find out.
NationPress
10 Aug 2026
Frequently Asked Questions
Why did IndiGo and travel stocks fall on 11 May 2025?
IndiGo parent InterGlobe Aviation and travel stocks fell sharply after PM Modi on 10 May urged citizens to avoid non-essential foreign travel and conserve fuel to protect India's foreign exchange reserves. Markets interpreted the appeal as a potential demand slowdown for outbound travel and aviation.
How much did IndiGo shares fall after PM Modi's appeal?
InterGlobe Aviation, IndiGo's parent company, fell 6.88% to an intraday low of ₹4,276.80 on the BSE on 11 May. SpiceJet dropped more than 4% and GMR Airports slipped nearly 4%.
Which jewellery stocks fell and by how much?
Jewellery stocks including Titan, Kalyan Jewellers, Sky Gold and Diamonds, Senco Gold, and BlueStone Jewellery and Lifestyle tumbled up to 12% in early trade on 11 May.
What did PM Modi say about foreign travel and fuel consumption?
Speaking at a BJP public meeting in Secunderabad on 10 May, PM Modi urged citizens to avoid unnecessary overseas vacations, destination weddings, and non-essential foreign travel to help conserve foreign exchange reserves. He also called for reduced petrol and diesel consumption through greater use of public transport and carpooling.
How did the broader market perform on 11 May?
The Sensex and Nifty both traded approximately 1% lower on 11 May, weighed down by the failure of the US and Iran to reach a peace agreement on the West Asia conflict, adding to the sector-specific selling pressure.
