Aviation stocks witnessed huge selling pressure today and ended with over 3 per cent losses after jet fuel price was hiked by a steep 8.2 per cent.
Shares of Jet Airways settled 3.30 per cent lower at Rs 427.75 on the BSE. During the day, it slumped 5.27 per cent to Rs 419.
SpiceJet was down 3.04 per cent to close the day at Rs 22.35. In intra-day, it dipped 5.42 per cent to Rs 21.80.
The price of aviation turbine fuel (ATF) in Delhi was yesterday hiked by Rs 3,849.97 per kilolitre, or 8.2 per cent, to Rs 50,363 per kilolitre.
Jet fuel constitutes over 40 per cent of an airline's operating costs and the price increase will raise the financial burden of cash-strapped carriers.
Meanwhile, in the broader market, the BSE Sensex ended 97.64 points higher at 29,459.14.
