Shares of two aviation firms fell by 3.92% to 4.56% at 9:18 IST after jet fuel price hiked by a steep 8.2% on 1 March 2015.
SpiceJet (down 4.56%) and Jet Airways (India) (down 3.92%), edged lower.
The S&P BSE Sensex was up 107.26 points, or 0.37% at 29,468.76.
The price of aviation turbine fuel (ATF), or jet fuel, in Delhi was hiked by Rs 3,849.97 per kilolitre, or 8.2%, to Rs 50,363 per kilo litre with effect from midnight of 28 February 2015/1 March 2015.
Prices of ATF constitutes approximately 50% of operating expenses of Indian airlines. State-run oil marketing companies -- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- revise jet fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.
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