Airline stocks extend gain; IndiGo, Jet Airways, SpiceJet up 10% in 3 days

Shares of all three listed airline companies were trading higher for the third straight session on the BSE after the government on Wednesday cut excise duty on jet fuel to 11% to give relief to the aviation industry and fall in the Brent crude oil prices by 5. On Friday, InterGlobe Aviation that runs IndiGo, Jet Airways (India) and SpiceJet were up in the range of 4% to 5% on the BSE. In the past three trading days, these stocks have rallied between 11% and 16%, against 1% rise in the benchmark index. Meanwhile, the rupee opened stronger on Friday helped by a drop in global crude oil prices overnight and a recovery in the domestic share market. Despite the run-up in the past three trading days, the airline stocks are underperforming the market by falling between 45% and 68%, against 1.

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