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Airline Stocks Decline After Govt Measures To Arrest Covid 19 Spread
Shares of airline companies were trading with losses on Tuesday after the government on March 23, 2020 announced suspension of all domestic flights from midnight of March 24 to curb the spread of Covid 19 virus.
"The operations of domestic schedule commercial airlines shall cease operations effective from the midnight that is 23:59 hours IST on 24/3/2020," said a communication from the Ministry of Civil Aviation. "Airlines have to plan operations so as to land at their destination before 23:59 hours on 24/3/2020. The restrictions shall not apply to solely cargo-carrying flights," it added.
So, accordingly, the ban does not apply to cargo planes and is expected to last until March 31, though no clarification has been made regarding this as yet by the aviation ministry.
Shares of Interglobe Aviation plunged 10% to day's low of Rs. 765.05, while Spicejet was dragged lower by 5%.
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