The bonds of Indian airport operators dropped to their lowest since October, as a surge in Covid-19 cases dents demand for air travel.   

The 6.45% 2029 note issued by Delhi International Airport declined to its lowest level since Oct. 12 on Tuesday, while a 4.75% 2026 issue of GMR Hyderabad International Airport fell to its least since Oct. 14. 

Both Vistara, a joint venture between Tata Sons and Singapore Airlines, and Indigo, the country’s biggest budget carrier, have cut capacity in response to a surging case load and travel restrictions. 

India’s federal government has also announced a tighter quarantine regime for international travelers.