Airline stocks dip, Jet Airways slips 5%

According to report, UPA key ally Trinamool Congress strongly opposed allowing in aviation sector.

Shares of all three listed airlines companies have dipped more than 4% each in late noon deals on buzz that UPA key ally Trinamool Congress strongly opposed allowing foreign direct investment (FDI) in aviation sector.

The government is considering a relaxation of FDI regulations in the industry -- which currently cap foreign investments at 49%.

Among the individual stocks, Jet Airways and SpiceJet have tanked 5% each at Rs 378 and Rs 34.85 respectively, while Kingfisher Airlines is down 4% at Rs 9.60 on the BSE.