Aviation stocks were in huge demand on Wednesday as after a two-year hiatus, India will resume regular international flights from March 27. Shares of InterGlobe Aviation zoomed 7.89 per cent to ₹1,726.45 on the BSE. SpiceJet also jumped 6.57 per cent to ₹60.75.
India had suspended scheduled international flights since March 23, 2020, due to the Covid-19 pandemic. However, special international flights have been operating between India and 37 countries since July 2020, under air bubble arrangements.
“After deliberation with stakeholders and keeping in view the decline in the Covid-19 caseload, we have decided to resume international travel from March 27 onwards,” Aviation Minister Jyotiraditya Scindia said on Tuesday, adding, “With this step, I am confident the sector will reach new heights.”
Air bubble arrangements will also stand revoked thereafter, he said.