[Mumbai]Tainted IndiGo+2 Airlines Stocks Volatile,They to challenge Rs 258-cr Slap From CCI
Cartelisation Accused IndiGo+Jet,and SpiceJet Stocks Volatile
They to challenge Rs 258-cr Slap From CCI
Shares of Jet Airways+IndiGo + SpiceJet saw high volatility this morning after the CCI slapped on them penalties totalling Rs 258 crore even as they said they will pursue legal steps against the order.This Penalty Is Only One Percent Of Their Total Income Whereas shares of IndiGo fell down By More then one percent
Clamping down on unfair business practices in the aviation sector, Competition Commission of India (CCI) had yesterday penalised the three airlines for cartelisation in determining the fuel surcharge on air cargo.
The three airlines today said they would pursue legal steps against the order.
The benchmark BSE Sensex fell by over 68 points in opening trade today due to profit-booking by investors after recent gains despite a firm trend in other Asian markets.
The 30-share barometer edged lower by 68.80 points or 0.26 per cent to 25,795.67 with indices led by IT, teck, metal, oil&gas and banking leading the fall.
The index had risen 253.94 points in the last two days.
Also, the NSE Nifty was trading lower by 24.45 points or 0.31 per cent at 7,813.10.