New Delhi, April 8 -- Shares of InterGlobe Aviation, which operates budget carrier IndiGo, rose 11% in the morning trade on Wednesday, April 8, boosted by a sharp decline in crude oil prices today following the announcement of a two-week ceasefire in the US-Iran war.

IndiGo, which has lost 11.5% since the onset of the US-Iran war on February 28, emerged as the top gainer in the Nifty 50 pack and erased all of its losses amid a 11.13% rally to Rs.4,744 apiece on the NSE today.

The US-Iran war has sparked a sharp rise in crude oil prices, which also drove the jet fuel prices higher, upending the global aviation industry. The global average jet fuel price rose to $195.19 per barrel for the week ending March 27, up from $99.40 at the end of...