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Airline stocks end with up to 3 pc gains on ATF excise duty cut

Press Trust of India  |  New Delhi 

stocks bucked the weak broader market sentiment and ended with up to 3 per cent gains Thursday after the government cut duty on to 11 per cent to give relief to the aviation industry.

Shares of gained 3.25 per cent, rose 3.16 per cent and 1.11 per cent on the

In intra-day trade, these stocks surged up to 7.44 per cent.

Aviation stocks had surged up to 8 per cent in the previous trading session also.

After petrol and diesel, the government Wednesday cut duty on to 11 per cent to give relief to the aviation industry that has been hit hard over recent weeks by rising fuel prices and plummeting rupee.

prices this month hit their highest level since January 2014 as rising international and plummeting rupee value pushed rates.

is one of the biggest costs in operations.

Meanwhile, the Sensex slumped over 759.74 points to end at 34,001.15 Thursday.

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

First Published: Thu, October 11 2018. 18:00 IST