Shares of Jet Airways gained over 6 per cent to a high of Rs 409.5 on Thursday after aviation fuel prices were cut by around 12.5 per cent.
Shares in beleaguered SpiceJet also gained over 7 per cent to a day high of Rs 18.50.
Jet Fuel constitutes around 40 per cent of total operating cost of airlines. Fall in fuel prices is likely to boost the financials of airlines, which are suffering from price competition and high cost.
As of 1.11 p.m., shares in Jet Airways traded 5.6 per cent higher at Rs 406, while shares in SpiceJet were up 4.65 per cent at Rs 18 apiece, outperforming the Nifty, which was down 0.22 pe rcent.