Travel stocks tumble after Modi's discretionary spending appeal. Prime Minister Narendra Modi urged citizens to reduce foreign travel and overseas vacations amid concerns over India's foreign exchange outflows related to the West Asia conflict. InterGlobe Aviation, IndiGo's parent company, fell over five percent to ₹4,287.10. Hotel and hospitality stocks also declined significantly, with Mahindra Holidays dropping over three percent, Indian Hotels slipping 2.5 percent, and Leela Palaces falling more than three percent. Online travel platforms faced additional pressure, with Yatra Online dropping 6.5 percent. Analysts note that outbound tourism and aviation sectors face vulnerability as overseas vacations represent discretionary spending that consumers can defer.
