Airline stocks had been in concentrate today right after India joined the list of nations suspending flights from the UK amid new coronavirus strain fears. Spicejet, InterGlobe Aviation and Jet Airways stocks hit their respective decrease circuits today. India has suspended all passenger flights connecting to the UK from Wednesday till December 31. The Civil Aviation Ministry also stated that the passengers coming from the UK by way of flights till Tuesday midnight would be tested for COVID-19 on arrival at airports as a measure of abundant precaution. Binod Modi, Head Strategy, Reliance Securities, told TheSpuzz Online that when India had however not opened full operation of International flights, chosen international flights had been permitted only below ‘air bubble’ agreement with choose nations like the UK.
Hence, fresh suspension of inbound flights from UK may well not necessarily outcome in enormous income loss aviation providers. “However, this will certainly lead to further delay in the commencement of international flights operation, which will weigh on investors’ sentiments. Additionally, any sign of spreading new coronavirus strain in India may also impact domestic operations for aviation companies, which does not augur well for the industry,” Modi added.
Spicejet share price tag fell 10 per cent to hit a decrease circuit at Rs 82.35 apiece on the BSE in the early morning trade. Since Friday, the stock has fallen 18.58 per cent. Last week, SpiceJet announced to restart SpiceShuttle seaplane flight services in Gujarat from December 27, 2020. The flight services will operate in between Ahmedabad’s Sabarmati Riverfront and Kevadia’s Statue of Unity with two every day flights on the route.
Similarly, InterGlobe Aviation shares had been locked in 10 per cent decrease circuit at Rs 1,356.40 apiece on BSE in morning offers. Civil Aviation Minister Hardeep Singh Puri stated in a tweet that the passengers who are identified COVID-19-good would be sent for institutional quarantine set up by states or union territories (UTs). While these identified unfavorable really should be advised to isolate at house for seven days and will be medically monitored by states/UTs.
Countries such as Canada, Turkey, Belgium, Italy and Israel have currently banned flights from the UK right after the British government warned that the potent new strain of the virus was out of manage. Jet Airways share price tag also slipped 5 per cent to touch decrease circuit at Rs one hundred.70 apiece on BSE, taking the total marketplace capitalisation of the firm to Rs 1,143.93 crore. In comparison, S&P BSE Sensex was trading 241 points or .55 per cent at 45,303.50 levels.