Indian Airline Stocks Soar After Covid Rules Are Changed

InterGlobe Aviation, which runs India's largest airline IndiGo, and SpiceJet Ltd rose as much as 4.8% and 5.9%, respectively, to their highest levels since mid-September.

Indian Airline Stocks Soar After Covid Rules Are Changed

IndiGo's shares have gained about 18.3% for the year as of last close.

Bengaluru:

Shares of Indian airline operators jumped on Wednesday after the country's civil aviation ministry allowed domestic flights to fly at full capacity from Oct. 18, lifting pandemic-led restrictions ahead of the festive season.

InterGlobe Aviation, which runs India's largest airline IndiGo, and SpiceJet Ltd rose as much as 4.8% and 5.9%, respectively, to their highest levels since mid-September.

Aviation industry has been among the worst hit by the COVID-19 pandemic, with airlines losing billions of dollars since operations were halted or restricted since 2020.

With COVID-19 cases falling and vaccination rates increasing, India has started easing travel restrictions over the past few months.

Passenger growth jumped 136.6% in August from a year earlier after the government relaxed some curbs, regulatory data showed.

IndiGo's shares have gained about 18.3% for the year as of last close, while SpiceJet's stock is down about 21% during the same period.

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