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Saturday, May 30, 2020

Aviation stocks rise sharply on announcement of domestic passenger resumption

Shares of InterGlobe Aviation, which operates IndiGo, rose as much as 12.84 per cent to Rs 1,029 apiece on the BSE, while on the NSE, it climbed 12.93 to Rs 1,029.85. Similarly, SpiceJet shares rallied 4.88 per cent to Rs Rs 42.95 on the BSE and 4.90 to Rs 42.85 on NSE.

By: Express Web Desk | New Delhi | Published: May 21, 2020 12:24:31 pm
IndiGo official to pilots: Economic environment has deteriorated, tough decisions needed Women spread fryums for drying on a rooftop as an IndiGo Airlines Airbus A320 aircraft moves on the runway after landing at the Sardar Vallabhbhai Patel international airport in Ahmedabad (File Photo, source: Reuters)

The shares of airline companies were trading higher in the stock exchanges during the morning trade on Thursday as the government announced that the domestic passenger flight services will resume from May 25 in a calibrated manner.

Shares of InterGlobe Aviation, which operates IndiGo, rose as much as 12.84 per cent to Rs 1,029 apiece on the BSE, while on the National Stock Exchange (NSE), it climbed 12.93 to Rs 1,029.85.

Similarly, SpiceJet shares rallied 4.88 per cent to Rs Rs 42.95 on the BSE and 4.90 to Rs 42.85 on NSE. The shares of cash-strapped Jet Airways, which was grounded in April 2019, too rose 4.91 per cent to Rs 20.30 on the BSE and 4.92 per cent to Rs 20.25 on NSE.

The domestic passenger flight services will resume from May 25 in a calibrated manner, Civil Aviation Minister Hardeep Singh Puri announced in a tweet on Wednesday.

The domestic flights were suspended from March 25, when the government implemented the first phase of the nationwide lockdown to control the outbreak of the coronavirus (COVID-19) in India.

Earlier in the day, the Airports Authority of India (AAI) issued standard operating procedures (SOPs) for recommencement of domestic flight operations.

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