Airline stocks soar 7.5 per cent on ATF excise duty cut

New Delhi, News Nation Bureau | Updated : 11 October 2018, 12:00 PM
Airline stocks soars 7.5 per cent on ATF excise duty cut (PHOTO: PTI)
Airline stocks soars 7.5 per cent on ATF excise duty cut (PHOTO: PTI)

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.

Also ReadSensex crashes over 1,000 points, investors lose Rs 4 lakh crore in five minutes

Top three airlines on positive trend

  1. InterGlobe Aviation shares surged 7.44 per cent
  2. Jet Airways shares soared 4.70 per cent
  3. SpiceJet shares rose 4.69 per cent on BSE

Read MoreHappy Birthday Amitabh Bachchan: Different shades of Bollywood's 'angry young man' 

This month, Jet fuel prices hit their highest level since January 2014 as surging overseas oil prices and falling rupee value pushed rates.

Read MoreInternational Day of the Girl Child: Mamata Banerjee says Kanyashree scheme empowered 50 lakh girls 

First Published: Thursday, October 11, 2018 11:57 AM
For all the latest Business News Download the News Nation App available on Android and iOS.