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Aviation shares down on jet fuel price hike

The shares of aviation companies fell on Monday, in the first trading session of 2017, after state-owned oil companies hiked the price of jet fuel by a steep 8,6% on Sunday.

The shares of IndiGo’s parent company InterGlobe Aviation were trading at Rs 816.30, down Rs 4.90 or 0.60% from previous close. The shares of SpiceJet were down 0.52% at Rs 56.90 apiece, while the shares of Jet Airways were down 343.75, down Rs 3.60 or 1.04% from previous close.

The price of Aviation Turbine Fuel (ATF) was hiked by 8.6% or Rs 4,161 per kiloletre (kl) to Rs 52,540.63 per kl in New Delhi. The hike comes after a 3.7% cut in rates last month, a PTI report said.

Oil firms revise the rates of ATF on the first of every month bsaed on oil price and foreign exchange rates in the preceding month. They also review and revise the prices of kerosene, LPG, petrol and diesel, every month.