In the commodities market, Brent crude for May 2026 settlement were down $4.99, or 5.04% to $93.97 a barrel.
The decline in crude prices followed remarks by US President Donald Trump indicating that the conflict with Iran could end "very soon."
Shares of InterGlobe Aviation, the operator of IndiGo, rose 2.83%, while SpiceJet surged 5.28%.
The drop in oil prices brought relief to airline stocks, as aviation turbine fuel is one of the largest cost components for carriers. Lower crude prices typically translate into reduced fuel expenses, improving profitability prospects for airlines.