Jet Airways share price surged over 6% in morning trade deals on Tuesday despite the company reporting losses for the third straight quarter. Earlier on Monday, the Naresh Goyal-led airline reported a loss of Rs 1,297 crore for the September quarter on rising fuel costs and foreign currency losses. On Tuesday, Jet Airways shares rose 6.5% to a high of Rs 257.65 per share on the BSE.

A fall in crude prices today after an uptick on Monday helped Jet Airways shares to post gains. The airline shares also rose after media reports said Indian conglomerate Tata Sons is conducting due diligence on Jet Airways as it explores the purchase of a controlling stake in the cash-strapped airline. Tata Group was reportedly among the interested parties to buy the Naresh Goyal-promoted beleaguered airline.

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Apart from Jet Airways, the other two airline stocks — InterGlobe Aviation (IndiGo) and SpiceJet — also posted gains in Tuesday’s trade, despite the headline index Sensex trading on a tepid note. IndiGo shares rose over 4% to a high of Rs 988 per share, while the stock of SpiceJet edged higher by 3.35% to an intraday high of Rs 83.30 per share on the BSE.

According to a Reuters report, oil prices fell by around 1% on Tuesday, with Brent crude sliding below $70 per barrel and WTI below $60. Oil prices slid after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market. The fall also came as the U.S.-dollar hovered near 16-month highs on Tuesday, making oil imports more expensive for any country using other currencies at home, it added.

Jet Airways on Monday reported a loss of Rs 1,297 crore for the September quarter mainly on account of soaring fuel costs, depreciating rupee and intense competition among carriers. Notably, this is the third straight quarter of losses for the beleaguered airline, which could soon be sold by its promoter, as the airline is struggling to make ends meet and delaying salaries and grounding aircraft. Jet Airways had reported a small profit of Rs 50 crore during the same quarter of the previous year.