Jet Airways, IndiGo and SpiceJet opened 2.95 per cent, 1.30 per cent and 1.25 per cent down at Rs 416, Rs 47.40 and Rs 1021, respectively.
Shares of aviation companies opened on a weak note on Wednesday after the Competition Commission of India (CCI) on Tuesday slapped penalties totalling Rs 258 crore on Jet Airways, IndiGo and SpiceJet for cartelisation in fixing fuel surcharge for transporting cargo.
Jet Airways, IndiGo and SpiceJet opened 2.95 per cent, 1.30 per cent and 1.25 per cent down at Rs 416, Rs 47.40 and Rs 1021, respectively.
While a penalty of Rs 151.69 crore has been imposed on Jet Airways, the fines slapped on InterGlobe and SpiceJet are Rs 63.74 crore and Rs 42.48 crore, respectively.
At 9.54 am, shares of Jet Airways were trading 1.55 per cent down at Rs 422. On the other hand, SpiceJet and InterGlobe Aviation shares wiped off their initial losses and were trading 4.79 per cent and 1.66 per cent up at Rs 50.30 and Rs 1,052, respectively.
InterGlobe Aviation operates no-frills carrier IndiGo.
The ruling has come on a complaint filed by Express Industry Council of India, which alleged that the five airlines indulged in anti-competitive practices.
According to CCI, such anti-competitive ways in the air cargo industry undermines economic development of the country and ultimately acts to the detriment of end-consumers.
(With inputs from PTI)
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