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Indian airline shares fall on AirAsia entry concerns

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Shares in Jet Airways India Ltd fall 3.6 percent and SpiceJet Ltd shares drop 3.04 percent. (Reuters) Shares in Jet Airways India Ltd fall 3.6 percent and SpiceJet Ltd shares drop 3.04 percent. (Reuters)
SummaryShares in Jet Airways India Ltd fall 3.6 percent and SpiceJet Ltd shares drop 3.04 percent.

Shares in Jet Airways India Ltd fall 3.6 percent and SpiceJet Ltd shares drop 3.04 percent after India's Foreign Investment Promotion Board (FIPB) approves AirAsia Bhd's proposal to set up a joint venture in India, raising concerns about increased competition.

Shares also fall after Airports Authority of India says it will form a joint venture with local airlines and oil companies to supply jet fuel, expecting to reduce airlines' fuel costs by at least 10 percent.

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