Aviation stocks slip on ATF price hike

Shares of aviation companies such as Kingfisher Airlines, Spicejet and Jet Airways are trading lower by 0.6-1.4% each after the oil marketing companies (OMCs) hiked the air turbine fuel (ATF) prices on Monday.

The state owned OMCs hiked the fuel price by 1.7% in line with the firm international rates. Prices of aviation turbine fuel (ATF) or jet fuel in Delhi were hiked by Rs 1,039.10 per kilolitre (kl) or 1.7% to Rs 62,208.18, according to Indian Oil Corporation.

Jet Airways is the worst hit in trades today among the three aviation companies. The stock opened at Rs 369 and touched the intra-day low of Rs 361. A total of 1,27,000 shares have changed hands compared to its two week average 4,34,000
shares. Kingfisher Airlines has slipped 0.6% below its face value at Rs 9.88 and Spicejet is down 1% at Rs 31.