Airlines slip on bourses as uncertainty hovers over FDI in sector

Posted By: Religare
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Airlines slip on bourses
Aviation stocks including Kingfisher Airlines, SpiceJet, slipped on the Bombay Stock Exchange at the start of the day as some reports suggest that the meeting of airline chiefs with Prime Minister ended without any concrete conclusions over the Foreign Direct Investment (FDI) in the sector.

The meeting was held in wake of rising demands from airline operators to allow foreign airlines to pick up stakes in Indian carriers and provide a much-needed cash infusion.

Besides, the Industry Ministry has initiated the process by moving a draft Cabinet note on allowing 26 per cent FDI by foreign airlines in the domestic carriers.

Amid uncertainty over teh same, the billionaire Vijay Mallya-led Kingfisher Airlines slumped by 2.4 per cent to trade at Rs 26.45 on the Bombay Stock Exchange at 10:16 AM. The scrip made an early low of Rs 25.25 on BSE.

Besides, the leading low-cost carrier Spice Jet was trading at Rs 23, down 1.29 per cent on BSE.

Dion Global Solutions Ltd

Read more about: kingfisher, airlines, aviation, fdi
Story first published: Monday, November 28, 2011, 13:31 [IST]
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