Aviation stocks skid on Boeing security concerns

The stocks of airline operators Spicejet and Jet Airways tanked on Wednesday following the aviation regulator's directive to ground all Boeing 737-8 Max aircraft as a precautionary measure.

In a public notice, the Directorate General of Civil Aviation (DGCA) has asked Spicejet and Jet Airways to ensure that no Boeing 737-8 max aircraft is operated without compliance to additional safety and security directives issued on Tuesday. Spicejet operators 12 Boeing 737 max aircraft, while Jet Airway has 5 aircraft of this make in its fleet.   

On Sunday, March 10, 2019, Ethiopian Airline's B737 Max 8 aircraft crashed soon after take-off. This being a second tragic crash after Lion Air's aircraft of the same make crashed on October 29, 2018. In both crashes, there were major fatalities with no survivors. 

Beside on Tuesday, Jet Airways reported that an additional four aircraft from its fleet were grounded owing to non-payment of dues to lessors.

Meanwhile, at 10:23 hours, the stock of Spice Jet was trading at Rs. 75.10 per share, down by Rs. 3.70 or 4.70 per cent, while Jet Airways was quoting Rs. 239.50 per share, down by Rs. 6.15 or 2.50 per cent on Wednesday.