Aviation stocks slide up to 5.5% on hike in ATF price

Mumbai: Aviation stocks witnessed massive selling pressure today and fell up to 5.5 percent after jet fuel price was hiked by a steep 8.2 percent.

Shares of Jet Airways (India) tumbled 5.27 percent to Rs 419 on the BSE.

Besides, SpiceJet scrip also plunged 5.42 percent to Rs 21.80.

The price of aviation turbine fuel (ATF) in Delhi was yesterday hiked by Rs 3,849.97 per kilolitre, or 8.2 per cent, to Rs 50,363 per kilolitre.

Jet fuel constitutes over 40 percent of an airline's operating costs and the price increase will raise the financial burden of cash-strapped carriers.

Meanwhile, in the broader market, the BSE Sensex was trading 8.85 points down at 29,352.65 in a volatile session.