Airline stocks have suffered on the back of a hike in ATF prices.
Jet Airways opened at Rs 253, touched a high of Rs 255 and then slipped into the negative terrain to touch a low of 248, down 5% from the previous close. Around 97,980 shares have been traded on the BSE so far. The stock has moved 7% in a week.
Kingfisher Airlines opened at Rs 49 and then slipped to touch a low of Rs 47.75. The scrip is now trading at Rs 47.80, down 4.59 per cent. Around 643,172 shares have been traded on the BSE so far today.
SpiceJet opened at Rs 22, touched a high of Rs 23.75 and slipped to a low of 21.30. The scrip is now trading flat at Rs 22.75. Around 3.72 million shares have been traded on the BSE so far.
ATF rates in Delhi have been increased by Rs 1,663 per kilo litre to Rs 38,585 per kilo litre. In Mumbai, the rate has been increased to Rs 39,830 from Rs 38,098 per kilolitre previously. This is the second price hike in a month. Earlier on 1 August 2009, state-run oil firms had raised ATF price by 1.6% to Rs 585 per kl.
ATF accounts for over 40% of the total operational cost of an airline in India, compared with 20-25% globally.
Source: Business Standard
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