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A day after the civil aviation ministry said it will remove the cap on flight ticket prices which was imposed two years ago due to the coronavirus pandemic, shares of Indian domestic airlines, Spicejet and IndiGo rose today.
Shares of IndiGo’s parent InterGlobe Aviation Ltd rose as much as 2.3% to ₹2084.6 while smaller SpiceJet Ltd jumped as much as 7% to ₹47.9.
The government had imposed a minimum and maximum band based on the flight’s duration to prevent ticket prices from spiking once restrictions on air travel eased.
The cap on fares will be removed from August 31, 2022.
“After review of the current status of Scheduled Domestic Operations viz-a-viz passenger demand for air travel, it has been decided to remove the fare bands notified from time to time regarding the airfares with effect from 31.08.2022,” the ministry tweeted on Wednesday while attaching an order copy.
Domestic aviation operations have been seeing a rise with all COVID protocols in place.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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