The share prices of SpiceJet, Jet Airways and InterGlobe Aviation have fallen as the Ministry of Civil Aviation announced that the Boeing Co's 737 MAX planes will be grounded In India.
SpiceJet's shares plunged 5.5 per cent in the first few minutes of trade while Jet was trading 2.2 per cent lower. Shares of low-cost airline InterGlobe Aviation rose 2.9 per cent.
“These planes will be grounded till appropriate modifications and safety measures are undertaken to ensure their safe operations,” the Ministry of Civil Aviation said in a Twitter post Jet Airways Ltd and SpiceJet Ltd, two top Indian airlines, operate Boeing 737 MAX 8 aircraft.
SpiceJet suspended Boeing 737 Max operations after the regulator's decision to ground the aircraft, SpiceJet's spokesman said on Wednesday. “We will be working with the regulator and the manufacturer to attain normalcy in our operations,” he added.
The European Union's aviation safety regulator earlier on Tuesday suspended all flights in the bloc by Boeing 737 MAX planes, joining a wave of suspensions of the aircraft across the globe.