Jet Airways (India) Ltd., the nation’s largest airline, led gains by local carriers after oil prices fell to the lowest in about two weeks.
Jet climbed as much as 4.8 percent, the biggest intraday jump since March 8, to 464.70 rupees and was at 462.25 rupees as of 11:24 a.m. in Mumbai trading. SpiceJet Ltd. (SJET), the nation’s biggest listed discount carrier, rose as much as 4.2 percent and Kingfisher Airlines Ltd. (KAIR) gained as much as 3.2 percent.
Oil dropped below $100 in New York trading on concern that an 8.9-magnitude earthquake in Japan will limit demand in the world’s third-largest economy. Fuel accounts for about 25 percent of Jet’s operating costs, according to data compiled by Bloomberg.
14/03/11 Siddharth Philip/Bloomberg.com
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