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Govt grounds domestic flights from 25 March

Capital Market 

The operations of domestic schedule commercial airlines shall cease operations with effective from the midnight 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, Ministry of Civil Aviation said in a statement.

The measures taken are on the back of rising cases of Coronavirus. Twenty-two states in the country have announced a lockdown in 80 districts where Coronavirus cases have been reported so far. The lockdown will be in effect till 31 March 2020. During the lockdown, only essential services will be allowed to operate. The lockdown is aimed at preventing more cases of Coronavirus in India.

Aviation stocks have taken a hit in last one month after Coronavirus outbreak. The outbreak of COVID-19 has made travelers reconsider going on vacatiom, putting pressure on travel and tourism industry.

Shares of Spice Jet slumped 4.93% to Rs 33.75 on NSE, today. The stock has crashed 63.69% in last one month and 78.49% from its record high of Rs 156.09 posted on 3 June 2019.

Interglobe Aviation fell 0.37% to close at Rs 868.50 on NSE. Shares of IndiGo have fallen 40.71% in last one month and 54.26% from its record high level of Rs 1898.85 registered on 30 September 2019.

Although Coronavirus started in central China, it is spreading faster in the rest of the world. The epidemic has grown to infect over 350,514 people with over 15,317 fatalities. India has reported 8 deaths and over 425 cases so far.

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

First Published: Mon, March 23 2020. 17:53 IST
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