Airline stocks fly high, gain up to over 7% after government cuts excise duty on jet fuel

New Delhi: Airline stocks surged up to 7.4 percent on Thursday after the government cut excise duty on jet fuel to 11 percent to give relief to the aviation industry. Shares of InterGlobe Aviation (IndiGo) zoomed 7.44 percent, Jet Airways soared 4.70 percent and SpiceJet 4.69 percent on BSE. After petrol and diesel, the government on Wednesday cut excise duty on jet fuel to 11 percent to give relief to the aviation industry that has been hit hard over recent weeks by rising fuel prices and plummeting rupee. Jet fuel prices this month hit their highest level since January 2014 as rising international oil prices and plummeting rupee value pushed rates.