Aviation stocks fall post announcement of 100% FDI

Stocks of aviation companies declined in the afternoon trade on the stock exchange. 

The Government of India on Monday approved 100% foreign direct investment (FDI) in aviation sector whereby allowing foreign airline companies to hold 100% stake in domestic air carriers.

Collectively, the aviation stocks surged 0.81% with two advances and four declines in the afternoon session on the Bombay Stock Exchange (BSE) on Tuesday.

The stocks of aviation companies have fallen primarily due to profit booking by investors on Tuesday.

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Among leading losers were Global Vectra Helicorp which declined 2.85%, followed by InterGlobe Aviation with 1.33% fall and SpiceJet with 0.58% drop. 

The stocks of Jet Airways plunged 0.26% in the afternoon trade on the exchange. 

However, Jagsons Airlines was the only airline company trading in the green zone in the afternoon session. The stocks of Jagsons Airlines were up 4.86% on the BSE.