Indian airline stocks, which soared along with rising airfares to 52-week highs during?the November?festival season, are coming back to reality.
In early trade Thursday, Kingfisher Airlines Ltd. lost 2.3% to 62.40 rupees ($1.38), SpiceJet Ltd. was 2.9% lower at 80.80 rupees and Jet Airways (India) Ltd. slid 1.6% to 779.15 rupees.?These stocks are?down 31.4%, 17.1% and 15.9% respectively?from the yearly highs seen around the?Diwali festival?last month, when people usually fly to be with their families.
The airline industry in India is making a brisk recovery thanks to high economic growth and increased demand for business travel, with domestic traffic up 18% at 41.9 million passengers during the January-October period. Ticket prices have risen by about 15% from a year earlier, analysts say.
Continue reading on India Real Time.
This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php
Five Filters featured site: So, Why is Wikileaks a Good Thing Again?.