Airline stocks zoomed 7.4 per cent on BSE Thursday as the government reduced excise duty on jet fuel to 11 per cent.
In an effort to provide relief to the staggering aviation industry, the government Wednesday cut excise duty on jet fuel to 11 per cent. The aviation industry has been suffering for weeks owing to the rise in fuel prices and falling rupee.
Top three airlines on positive trend
- InterGlobe Aviation shares surged 7.44 per cent
- Jet Airways shares soared 4.70 per cent
- SpiceJet shares rose 4.69 per cent on BSE
This month, Jet fuel prices hit their highest level since January 2014 as surging overseas oil prices and falling rupee value pushed rates.