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Shares of India’s largest airline, IndiGo, rose more than 11%, before paring some gains, as the U.S.-Iran ceasefire announced Wednesday is likely to ease the strain on India’s aviation sector.
In a temporary relief, U.S. and Iran agreed to a ceasefire earlier in the day, with Tehran saying that safe passage of ships was “possible” for the next two weeks in coordination with the country’s armed forces.
The Middle East conflict affected the Arabian Peninsula and Iran — a key route for westbound flights from India — forcing IndiGo and Air India to operate longer, more expensive routes.
Tata Group-owned Air India, whose chief executive and managing director Campbell Wilson resigned on Tuesday, has raised fuel surcharges on domestic and international flights in response to the steep rises in jet fuel prices. Singapore Airlines
