Airlines shares down on profit taking

Shares of airline companies such as Jet Airways and SpiceJet were down 4-7% amid profit taking at higher levels after recent gains post decline in global crude oil prices.

Brent, the benchmark grade for more than half of the world's oil, has dropped to a five-year low of $68 a barrel, owing to a demand slump in key consuming nations at the back of sustained high levels of production.

SpiceJet had gained in the previous sessions after ace investor Rakesh Jhunjhunwala's asset management firm Rare Enterprises has purchased 7.5 million equity shares worth an aggregate amount of Rs 13.41 crore in low cost airlines Spicejet.

At 10:10AM, Jet Airways was down nearly 5% at Rs 332 and SpiceJet was down nearly 7% at Rs 19.80 on the Bombay Stock Exchange.