FIIs cut exposure to aviation stocks

Foreign institutional investors (FIIs) have cut their exposure to the three listed Indian air carriers — Jet Airways, Kingfisher Airlines and SpiceJet — amid concerns over escalating operational costs because of high crude oil prices and a weakening rupee, amid other factors. According to data available with the stock exchanges, FII holdings declined in all the three companies during the July-September quarter. “FIIs are reducing their stake in the Indian aviation sector, thanks to a lack of clarity on the government's part, coupled with high operational cost following the rise in aviation turbine fuel prices and a depreciating rupee,” CNI Research CMD Kishor Ostwal said.