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Aviations stocks grounded after India suspends domestic flights

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Shares of two aviation firm fell by 4.79% to 5% after India suspended all domestic flights, effective midnight 24 March 2020, to contain the spread of COVID-19 pandemic that has claimed thousands of lives across the world.

Shares of SpiceJet hit a lower circuit of 5% at Rs 31.85. The stock is currently trading 79.70% lower from its 52-week high of Rs 156.90 hit on 3 June 2019.

Shares of InterGlobe Aviation tumbled 4.79% to Rs 809.35. The stock is currently trading 57.64% lower from its 52-week high of Rs 1911 hit on 23 September 2019.

In a statement, the Ministry of Civil Aviation said: "The operations of domestic schedule commercial airlines shall cease operations with effective from the midnight 23.59 IST hours on 24 March 2020.

Airlines have to plan operations so as to land at their destination before 23:59 hours on 24 March 2020. The restrictions shall not apply to solely cargo carrying flights," it added.

As per reports, the COVID-19 pandemic has significantly lowered demand for travel, with border closures, travel bans and country lock downs hitting aviation businesses world over.

Across the globe, over 16,557 people have died due to COVID-19, while the number of those infected crossed 381,499, according to the latest data by Johns Hopkins University.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, March 24 2020. 10:46 IST