IndiGo, SpiceJet, Jet Airways share prices hit 52-week lows as govt suspends domestic flights

By: |
March 24, 2020 12:07 PM

Around 11.45 AM, InterGlobe Aviation (IndiGo) shares were trading 2.54 per cent lower at Rs 828.45 apiece on BSE. It hit an intraday high of Rs 840 in Tuesday’s trade. While SpiceJet share price was down 4.93 per cent at Rs 31.85 apiece on BSE

Indigo, jet airways, spicejetThe operation of all scheduled domestic flights by any aircraft operator holding an air operator certificate issued by DGCA-India shall cease with effect from 2359 hrs IST on 24th March 2020

Aviation stocks including IndiGo, Spicejet and Jet Airways share prices hit their 52-week low levels in Tuesday’s session after the aviation ministry ordered suspension of domestic air travel effective Wednesday till March 31, 2020 in the wake of the coronavirus (COVID-19) outbreak. IndiGo share price locked in the 10 per cent lower circuit at Rs 765.05 a piece on BSE, which was also a 52-week low level. While SpiceJet hit its 5 per cent lower limit at Rs 31.85 apiece, fresh 52-week low level too, on BSE in Tuesday’s trade.

“The operation of all scheduled domestic flights by any aircraft operator holding an air operator certificate issued by DGCA-India shall cease with effect from 2359 hrs IST on 24th March 2020, a government notification said, adding, “Such operators shall plan their operations in such a way that their flights land at the destination latest by 2359 hrs IST on 24th March 2020.”

Around 11.45 AM, InterGlobe Aviation (IndiGo) shares were trading 2.54 per cent lower at Rs 828.45 apiece on BSE. It hit an intraday high of Rs 840 in Tuesday’s trade. While SpiceJet share price was down 4.93 per cent at Rs 31.85 apiece on BSE. Similarly, shares of Jet Airways were trading at Rs 14.45 on BSE, down 4.93 per cent, which was its 52-week low level.

The government notification further added saying, “The operation of flights by the non-scheduled operator permit (except all-cargo flights, off-shore helicopter operations, medical evacuation flights or flights specifically approved by DGCA-India) and flights by private aircraft operators shall cease with effect from 2359 hrs IST on 24th March, 2020. Such operators shall plan their operations in such a way that their flights land at the destination latest by 2359 hrs IST on 24th March, 2020.” These instructions will remain in force till 2359hrs on 31st March 2020. However Cargo flights will continue to operate.

As per the latest health ministry data, 446 Indians are active cases of Coronavirus infection. Apart from that 36 have been cured and 9 have died. Prime Minister Narendra Modi will address the nation at 8 PM on Tuesday on the coronavirus outbreak. ‘Will address the nation at 8 PM today, 24th March 2020, on vital aspects relating to the menace of COVID-19,’ Modi tweeted.

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