Jet Airways shares surge 19%; top gainer on BSE

Shares of Jet Airways were in huge demand on Wednesday, soaring nearly 19 per cent, in line with other airline stocks after crude oil prices in the international market dip to over 6-month lows.

The stock surged 18.74% to settle at Rs 390.30 on the BSE. In intra-day, it jumped 19.53% to Rs 392.90.

On the NSE, shares of the company zoomed 18.73% to end at Rs 390.70.

The company's market valuation rose by Rs 700.71 crore to Rs 4,433.71 crore.

On the volume front, 17.83 lakh shares of the company changed hands at the BSE and over 81 lakh shares were traded at the NSE during the day.

Market experts said that the rally in the stock could be attributed to steep fall in crude oil prices recently as fuel costs account for almost one-third of airline operating costs.

Similarly, budget carrier SpiceJet's stock on Wednesday closed with over 2% gains after the company posted its second straight quarterly profit of Rs 71.8 crore for the three-month period ended June 2015.

Meanwhile, in the broader market the BSE Sensex ended the day with a gain of 104.20 points at 27,563.43.