Jet Airways spurt 3% after oil companies reduce jet fuel price by 2%

Shares of Jet Airways soared nearly 3 per cent in the early trade on Bombay Stock Exchange (BSE) after the news that the state-owned oil companies have cut jet fuel price by 2 per cent, the fourth straight reduction in rates since April.

Jet fuel constitutes over 40 per cent of an airline's operating cost and the reduction in prices will ease the burden of the cash-strapped airlines.

Shares of the company touched a days high of Rs 323.85 and were currently trading at Rs 321.75, up 2.16 per cent.

In a similar fashion, shares of the company were quoting at Rs 321.55 a piece, up 2.05 per cent on the National Stock Exchange (NSE).

Meanwhile, the broader benchmark Sensex was quoting at 16,168.74, down 49.79 points at 11:00 hours.

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