Home Market Share market update: Aviation stocks fall up to 4% as ATF turns...

Share market update: Aviation stocks fall up to 4% as ATF turns costlier

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NEW DELHI: Shares of Jet Airways (down 4.22 per cent), SpiceJet (down 2.52 per cent), TAAL Enterprises (down 1.50 per cent) and IndiGo (down 1.38 per cent) fell up to 4 per cent in morning session on Thursday after customs duty on aviation turbine fuel (ATF) was raised by the government.

India raised import duty on a range of items including air-conditioners, refrigerators, washing machines, footwear, jewellery, furniture fittings and tableware besides imposing it on aviation turbine fuel as the government seeks to rein in the current account deficit and shore up the rupee.

With the government imposing customs duty on aviation turbine fuel, airlines are likely to pass on higher costs to passengers as peak travel season is round the corner.

Market erased all gains of early session and was trading flat amid weak global cues.

The rollover of positions on the last day of September futures and options contracts made market wobbly.

The NSE Nifty index was trading 9 points down at 11,045, while the BSE Sensex was down 4 points at 36,538 around 10:06 am.

Titan Company, Ultratech Cement, Bajaj Auto, GAIL (India) and Asian Paints were among top Nifty gainers.

Indiabulls Housing Finance, YES Bank, Indian Oil Corporation, HDFC and Bajaj Finance were top losers in the Nifty index.

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