Stocks of airlines have hit some air pockets, slumping up to 20 per cent in just three trading sessions this month amid rising fuel costs and weak quarterly earnings of InterGlobe Aviation impacting investor sentiment. Among the three-listed airlines, Jet Airways and SpiceJet are yet to announce their fourth quarter and full year results for 2017-18. On May 2, InterGlobe, which operates the country's leading carrier IndiGo, reported 73 per cent decline in profit after tax (PAT) to Rs 117.64 crore for the March quarter as higher fuel costs and foreign exchange loss took a toll on its bottom line. There are concerns that spike in global crude oil prices may also put pressure on the profits of other airline companies, according to analysts. In May, which so far had three trading sessions, shares of InterGlobe Aviation have tumbled 15.57 per cent on BSE. Shares of Jet Airways have dropped 20 per cent while those of SpiceJet have seen a volatile trend. A day after InterGlobe Aviation announced its results, shares of SpiceJet tumbled over 6 per cent but managed to close in the green. Together these three airlines- InterGlobe Aviation, Jet Airways and SpiceJet - have seen an erosion of Rs 10,050 crore from their market valuation so far this month. "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 noted that airports in the tier-I cities have limited capacity and infrastructure to handle an additional pipeline of scheduled flights. This capacity constraint along with jet fuel prices would be a huge setback for the aviation players causing a dent to their bottom-line, he added. InterGlobe Aviation announced its latest results post market hours on May 2. On that day, its shares declined nearly 4 per cent and the next day, the scrip fell 10 per cent.