Business Today

Budget 2016: Jet Airways, SpiceJet, InterGlobe hit hard on ATF excise duty hike

Shares of avaition companies Jet Airways, SpiceJet and InterGlobe Aviation slipped up to 6 per cent after Finance Minister Arun Jaitley announced hike in excise duty for Aviation Turbine Fuel (ATF) from 8 per cent to 14 per cent. 

BT Online   New Delhi     Last Updated: February 29, 2016  | 17:07 IST
Budget 2016: Jet Airways, SpiceJet, InterGlobe hit hard on ATF excise duty hike
The stock of Jet Airways hit an intraday low of Rs 478.05, down 5.38 per cent on the Bombay Stock Exchange (BSE). Photo: Reuters

Shares of avaition companies Jet Airways, SpiceJet and InterGlobe Aviation slipped up to 6 per cent after Finance Minister Arun Jaitley announced hike in excise duty for Aviation Turbine Fuel (ATF) from 8 per cent to 14 per cent.  

The stock of Jet Airways hit an intraday low of Rs 478.05, down 5.38 per cent on the Bombay Stock Exchange (BSE).

FULL COVERAGE:Union Budget 2016

Stock of SpiceJet fell as much as Rs 60.15, down 6.45 per cent, while InterGlobe Aviation shed 5.86 per cent to Rs 782. 2.50 per cent

ATF is one of the biggest cost in airline operations and thus a hike in excise duty for ATF prices dampens market sentiments towards aviation stocks.

Earlier this month, oil companies had slashed air turbine fuel (ATF) by a steep 12 per cent.

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close