Airline shares tumble up to 14% amid ongoing travel restrictions; IndiGo hits 52-week low, SpiceJet down 10%
Hundreds of cancelled flights, decline in daily ticket bookings, fall in footfalls at airport shops and spike in expenses continue to rattle the country's aviation space.
New Delhi: Airline stocks plunged into deep red on Friday due to the ongoing travel restrictions in the wake of coronavirus outbreak.
Shares of IndiGo and SpiceJet were trading with heavy losses.
InterGlobe Aviation, the parent of the country's largest airline IndiGo, saw its shares slump 14.08 percent to hit 52-week low of Rs 875.
SpiceJet dropped nearly 10 percent to Rs 44.70.
Hundreds of cancelled flights, decline in daily ticket bookings, fall in footfalls at airport shops and spike in expenses continue to rattle the country's aviation space as airlines, with weakened financials, and airport operators grapple with coronavirus headwinds.
More than 490 flights operated by foreign carriers to and from India have been cancelled for varying periods of time while the count of weekly flights cancelled by domestic airlines is more than 90, as per official data.
In the broader market, the benchmark indices Sensex and Nifty staged a unprecedented recovery after witnessing their worst-ever intraday crash in early session.
In the afternoon session, the Sensex was trading higher by 937 points or 2.86 percent at 33,715.14, while the NSE Nifty was up 306.20 points or 3.19 percent at 9,896.35.
The Sensex plummeted over 3,200 points and the broader Nifty sank by nearly 1,900 points, hitting their lower circuit limits, in opening session on Friday as coronavirus pandemic-led recession fears fuelled worldwide panic.
Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33
From the Sensex pack, Reliance Industries, HDFC, Tata Consultancy Services, Tech Mahindra, Infosys, Bajaj Finance, Wipro and Tata Steel were the major laggards
Stock market ends in red for second day; Sensex declines 87 points to settle at 61,663, Nifty close at 18,308
From the Sensex pack, Mahindra & Mahindra, Maruti, Bajaj Finance, IndusInd Bank, NTPC, Bharti Airtel, ITC and UltraTech Cement were among the laggards