Airline stocks rise as domestic passenger traffic grows in July

According to the data, domestic airlines carried 115.57 lakh passengers in July this year.

Airline stocks today surged as much as 3 percent in morning trade after official data showed that domestic passenger traffic grew 21 percent in July as compared to the year-ago month.

According to the data, domestic airlines carried 115.57 lakh passengers in July this year.

Shares of InterGlobe Aviation today opened at Rs 1,075, then gained further ground and touched a high of Rs 1,106, up 1.86 percent over the previous close.

SpiceJet stock also opened on a strong note and touched a high of Rs 87.20, up 3.01 percent over its last close.

Shares of Jet Airways, however, fell nearly 4 percent in morning trade after reports surfaced that the Ministry of Corporate Affairs has opened a preliminary inquiry into the carrier.

Shares of Jet Airways opened on a weak note at Rs 297.80, then fell to a low of Rs 289.95, down 3.73 percent over its previous closing price.

Budget carrier IndiGo continued to be the largest player with a market share of 42.1 percent while that of national carrier Air India stood at 12.4 percent in July.

Last month, the market share of SpiceJet and GoAir stood at 12.3 percent and 8.9 percent, respectively. Jet Airways garnered a market share of 13.6 percent in July.

India is one of the fastest growing aviation markets in the world and has been registering double-digit growth for more than three years.

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