Aviation stocks fall on profit-booking, down up to 3 pc

Aviation stocks today came under selling pressure, falling by up to 3 per cent, on emergence of profit-booking.
Shares of SpiceJet went down by 3.25 per cent to close at Rs 67.05, InterGlobe Aviation slipped 3.09 per cent to Rs 1,038.05 and Jet Airways fell by 1.53 per cent to Rs 577.15 on BSE.
These stocks had rallied up to 7 per cent in the previous session on FDI news.
Overseas investors, barring foreign airlines, can now buy up to 100 per cent stake in Indian carriers under the relaxed FDI norms announced yesterday which the government said will make flying more affordable.

The regulations pertaining to airports too have been eased by allowing 100 per cent foreign direct investment (FDI) in existing ones through the automatic route.
Aviation experts said the relaxation of norms will help airlines bring in more cash from foreign players and expand their fleet.
Meanwhile, in the broader market, the Sensex fell by 54.14 points to settle at 26,812.78.