Airline stocks fly high after govt cuts excise duty on jet fuel to 11 percent

Airline stocks surged up to 7.4 per cent Thursday after the government cut excise duty on jet fuel to 11 per cent to give relief to the aviation industry.

Shares of InterGlobe Aviation zoomed 7.44 per cent, Jet Airways soared 4.70 per cent and SpiceJet 4.69 per cent on BSE.

After petrol and diesel, the government Wednesday cut excise duty on jet fuel 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.

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