There is a bloodbath in aviation stocks with all major companies like Jet Airways, Interglobe Aviation (Indigo) and SpiceJet witnessing heavy selling pressure. This was due to a hike effected in Aviation Turbine Fuel (ATF) prices for October month between Rs 5,000 to over Rs 5,200 in metro cities like New Delhi, Mumbai, Kolkata and Chennai. This move is going to impact airlines especially Jet Airways which is already struggling with cash shortage, so much so, that the airline does not have enough funds for even giving salaries to engineers and pilots. As for passengers, they will also take hit from this price increase in ATF as the above mentioned airlines would pass on the burden to passengers. Simply put, flyers, your air tickets are going to turn expensive in the coming days.
The share price of Jet Airways took the most hit by tumbling nearly 10% with intraday low of Rs 163 per piece. However, at around 12:05 hours, the company was trading at Rs 168.40 per piece down by Rs 12.05 or 6.68%.
Meanwhile, SpiceJet slumped by 6% with intraday low of Rs 64.60 per piece on BSE. However, it managed to pare some losses, and was trading at Rs 64.60 per piece below 5.21%.
01/10/18 ZeeBiz
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The share price of Jet Airways took the most hit by tumbling nearly 10% with intraday low of Rs 163 per piece. However, at around 12:05 hours, the company was trading at Rs 168.40 per piece down by Rs 12.05 or 6.68%.
Meanwhile, SpiceJet slumped by 6% with intraday low of Rs 64.60 per piece on BSE. However, it managed to pare some losses, and was trading at Rs 64.60 per piece below 5.21%.
01/10/18 ZeeBiz
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