September 27, 2018 / 5:51 AM / a year ago

BUZZ-Indian airline stocks fall after govt imposes tariff on jet fuel imports

** Shares of Jet Airways (India) Ltd, InterGlobe Aviation Ltd and SpiceJet Ltd fall 4 pct-6 pct

** India said on Wednesday it is raising import tariffs on 19 “non-essential items,” including aviation turbine fuel, marking a further tilt toward protectionism as it tries to reduce its widening current account deficit and tackle a sharp slide in the rupee

** Govt imposed 5 pct customs duty on jet fuel

** Jet shares fall as much as 5.6 pct to 181.3 rupees, lowest in over six years

** InterGlobe Aviation, which operates low-cost airline IndiGo, declines as much as 4.1 pct to 818 rupees, lowest since February 2017

** SpiceJet shares hit their lowest since February 2017, dropping as much as 3.9 pct

** Separately, brokerage HSBC cut its PT on SpiceJet to 70 rupees from 100 rupees, but maintained its “hold” rating

** HSBC raised concerns over the fuel price hike and rupee depreciation for SpiceJet, said the launch of airline’s freight business could add some pressure on its profitability in the short term

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