Two aviation stocks lost 0.05% to 3.28% at 14:11 IST on BSE after the price of jet fuel or aviation turbine fuel has been hiked by 1% effective 1 March 2014.
SpiceJet (down 3.28% at Rs 12.67) and Jet Airways (India) (down 0.05% at Rs 216.60) edged lower.
Shares of Kingfisher Airlines were unchanged at Rs 2.63.
Meanwhile, the S&P BSE Sensex was down 172.79 points or 0.82% at 20,947.33.
SpiceJet had underperformed the market over the past one month till 28 February 2014, sliding 19.14% compared with the Sensex's 2.11% rise. The scrip had also underperformed the market in past one quarter, declining 21.08% as against Sensex's 2.85% rise.
Jet Airways (India) had underperformed the market over the past one month till 28 February 2014, sliding 14.4% compared with the Sensex's 2.11% rise. The scrip had also underperformed the market in past one quarter, declining 26.31% as against Sensex's 2.85% rise.
Kingfisher Airlines had underperformed the market over the past one month till 28 February 2014, sliding 21.73% compared with the Sensex's 2.11% rise. The scrip had also underperformed the market in past one quarter, declining 47.82% as against Sensex's 2.85% rise.
The aviation turbine fuel (ATF) price at Delhi was hiked by Rs 753.34 per kilolitre (kl) or 1% to Rs 74,825.54 per kl.
ATF constitutes over 40% of an airline's operating costs and the price hike will increase the fuel cost of the cash-strapped carriers.
The three fuel retailers - Indian Oil Corporation (IOC), HPCL and BPCL revise jet fuel prices on the first of every month, based on the average international price in the preceding month.
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