Airline stocks continued to gain for the third consecutive session on Friday, gaining up to 6 per cent, due to excise duty cut on jet fuel and easing crude prices. Shares of InterGlobe Aviation zoomed 6.03 per cent, Jet Airways rose 4.89 per cent and SpiceJet gained 3.63 per cent on the BSE.
Airline stocks had bucked the weak broader market sentiment and ended with up to 3 per cent gains on Thursday. These stocks had surged up to 8 per cent on Wednesday.
After petrol and diesel, the government had on Wednesday cut the excise duty on jet fuel to 11 per cent to give relief to the aviation industry that has been hit hard over recent weeks by rising fuel prices and plummeting rupee. ATF is one of the biggest costs in airline operations. Easing crude prices also supported aviation stocks.