Shares of airline companies were trading lower,underperforming firm broader markets after the government decided to raise service tax on air travel,two dealers said. The service tax on air travel has been raised by Rs 50 for domestic travel and Rs 250 for international travel on economy class,Finance Minister Pranab Mukherjee said,while presenting the budget for 2011/12.
At 2.33 p.m.,shares of Jet Airways,Kingfisher Airlines amd SpiceJet were down 1-4 per cent.
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