Airline stocks gained further as flights set to resume

Airline stocks gained further as flights set to resume

The airline stocks gained further on May 22 as Jet Airways, SpiceJet, and InterGlobe Aviation rose 3-5 percent in early trade post as Civil Aviation Ministry allowed resumption of domestic flights beginning May 25.

The flights were suspended since March 25, when the first phase of the national lockdown was announced to control the outbreak of novel coronavirus.

The flight operations will resume on May 25 with one-third the schedule, with most airports expected to be open for service.

However, the Civil Aviation Ministry has capped the airfares on major routes with an intention to allow air services to resume without any massive drop or rise in prices.

InterGlobe Aviation will be resuming domestic flight operations in a phased manner, in accordance with the directions issued by the Government of India through the Ministry of Civil Aviation and the Directorate General of Civil Aviation, from time to time, company said in the press release.

At 09:23 hrs SpiceJet was quoting at Rs 45.05, up to Rs 2.10, or 4.89 percent and Jet Airways was quoting at Rs 21.30, up to Rs 1.00, or 4.93 percent on the BSE.

Interglobe Aviation was quoting at Rs 1,014.80, up to Rs 36.55, or 3.74 percent on the BSE.

Published on: May 22, 2020 15:03:57

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