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Jet Airways Surges Over 25% in 3 Days

By
Jet Airways, Financial results

Mumbai: Jet Airways gained as much as 5.7 per cent on Wednesday, extending its gains to the third day. Jet Airways shares have gained 26 per cent in three sessions.

The rally in Jet Airways comes in the wake of a big fall in crude prices. Jet fuel, according to estimates, constitutes over 40 per cent of an airline's operating costs and a price reduction will ease the financial pressure on the airlines.

Brent crude prices fell to $56.61 a barrel on Wednesday, following a selloff in Chinese equity markets. The fall in crude oil prices comes on the back of a 6 per cent drop over Monday and Tuesday that pulled prices down to levels last seen in April.

At 10:27 a.m., shares of Jet Airways were up 4 per cent to 345. Shares of another listed airline SpiceJet were also trading 1.5 per cent higher.

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