Budget 2016: Aviations stocks fall, OMCs gain on fuel tax hike

Aviation majors shares fell upto 3.5 per cent on Monday after the Finance Minister Arun Jaitley raised airline turbine fuel (ATF) tax rate to 14 per cent from 8 per cent.

Shares of InterGlobe Aviation, SpiceJet and Jet Airways dipped 2.50 per cent, 3.42 per cent and 2.64 per cent to Rs 810, Rs 62.10 and Rs 491.90, respectively, in trade. The 30-share index Sensex slid 0.66 per cent to 23,002.

On the other hand, shares of oil marketing companies such as Bharat Petroleum Oil Corporation, Indian Oil Corporation and Hindustan Petroleum Corporation gained 0.45 per cent, 0.88 per cent and 0.88 per cent, respectively.