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Airline shares fall on AirAsia entry concerns

Source : REUTERS
Last Updated: Tue, Mar 26, 2013 09:28 hrs
New Malaysian AirAsia X's Airbus A330-300 sits on the tarmac during its inaugural ceremony at the airport in Sepang

Shares in Jet Airways India fall nearly 3 percent and SpiceJet Ltd shares drop 3.4 percent after India's Foreign Investment Promotion Board (FIPB) approves AirAsia Bhd's proposal to set up a joint venture in India, raising concerns about increased competition.

Shares also fall after Airports Authority of India says it will form a joint venture with local airlines and oil companies to supply jet fuel, expecting to reduce airlines' fuel costs by at least 10 percent.

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