Aviation stocks plunge up to 10% on coronavirus fear
Shares of airline companies plunged up to 10 per cent on Friday as rating agency ICRA said the outlook for the aviation sector remains negative in the wake of coronavirus outbreak.
Shares of Interglobe Aviation –the parent of IndiGo – plunged 9.99 per cent to ₹1,229.75 on the BSE. Spicejet stock cracked 6.06 per cent to a low of ₹82.10.
Defunct airline Jet Airways (India) hit its lower price band losing 4.84 per cent at ₹24.55.
According to ICRA, the outlook for India’s aviation industry remains negative in the wake of coronavirus outbreak, which has resulted in many international passengers cancelling their travel to South East Asian countries.
