The shares of the airline companies are declining swiftly in each and every session. During the past three trading sessions, the stocks of airline companies have slumped up to 20 percent this month, added with the rising fuel costs in the international market, reports from PTI.

The fragile earnings of InterGlobe Aviation also impacted investors sentiments.

Out of three listed airways in India, Jet Airways and Spice Jet are yet to announce their fourth quarter and fiscal year results for 2017-2018.

InterGlobe, one of the airline carrier reported 73 percent decline in Profit After Tax (PAT) to Rs 117.64 crore for the March quarter as the high fuel costs added with foreign exchange losses took a hefty toll on its profit.

As per the analysts' point of view, the spiraling price of the global crude oil prices may also mount pressure on the profits of the other airline companies in India.

During the month of May, the shares of InterGlobe Aviation has declined by 15.57 percent on BSE.

Shares of Jet Airways has witnessed a decline by 20 percent and Spice Jet shares has seen a volatile trend.

"This week has witnessed a slump in aviation stocks, the biggest in recent history. At last, reality dawned on the aviation sector which was trading lofty valuations. There are certain industry-specific factors that are hampering growth," SAMCO Securities Founder & CEO Jimeet Modi said.

He further added that in Tier-I cities, airports have limited capacity and the infrastructure to handle additional pipeline of scheduled flights. The capacity constraints added with the jet fuel prices will have a huge setback for aviation companies causing a decline in their bottom line.

InterGlobe Aviation, Jet Airways, and Spice Jet have seen an erosion of Rs 10,050 crore from market valuation so far during the month of May.