Equity Alert: Airline shrs dn 2-8% as crude price nears record high

[K.Karthik Raja]

Equity Alert: Airline shrs dn 2-8% as crude price nears record high
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Equity Alert: Airline shrs dn 2-8% as crude price nears record high
MUMBAI--12:50PM--Shares of airline companies such as Jet Airways
and
Spicejet were down 2-8% on worries fuel prices are set to rise further
as
crude oil hovers around its all-time high of $139.12 a barrel on New
York
Mercantile Exchange, said dealers.
Jet Airways was down nearly 2% at 549.05 rupees on NSE, while
Spicejet
dropped 8% to 33.05 rupees on BSE.
"Spicejet is also seeing profit booking after its rally of over
16% on
Friday," said a dealer with Networth Stock Broking.
Friday, Spicejet shares had surged on media reports Anil Ambani,
Jet
Airways, and Kingfisher Airlines were vying for a stake in the low-
cost
carrier.
Media reports also said existing shareholders--the Tata Group and
Dubai-based private equity firm Istithmar--are looking to increase
their
stake in the airline.