New Delhi, Sept 27 - Aviation stocks tumbled up to 5% on Thursday after the government raised import duty on jet fuel.
Shares of Jet Airways tumbled 4.82%, SpiceJet 1.95% and InterGlobe Aviation 1.27% on BSE.
All these stocks hit their respective 52-week lows during the day.
The government Wednesday raised import duties on 19 items, including jet fuel as it looks to check the widening current account deficit resulting from high crude oil prices and the rupee dipping to a historic low.
The government has announced an import duty of 5% on aviation turbine fuel (ATF). It was nil earlier.
"The 5% basic custom duties (BCD) hike on aviation turbine fuel (ATF) was unanticipated, and could lead to a rise in fuel bill up to 0.5% for carriers such as Indigo," JM Financial Institutional Securities said in a report.