Airline Stocks in Turbulent Skies as More Countries Ban India Travel

  • Stock Market News
Airline Stocks in Turbulent Skies as More Countries Ban India Travel
Credit: © Reuters.

By Aditya Raghunath -- It is almost impossible to ignore photographs and posts by Indian ‘influencers’ and celebrities on their latest trip to the Maldives. However, that will stop from April 27 as the Maldives has “suspended tourists from India from staying at tourist facilities in inhabited islands”.

Germany has now said that only Germans who are in India, and people who hold German resident permits from India will be permitted to enter Germany. Entry for Indians is banned in Germany.

German Health Minister Jens Spahn tweeted on Saturday: “The newly discovered virus mutation in India worries us very much. In order not to jeopardize our vaccination campaign, travel to India must be significantly restricted. Therefore, the federal government will shortly declare India a virus variant area. From Sunday night, only Germans from India are allowed to enter, they must also be tested before departure and immediately after entry into a 14-day quarantine.”

They follow Italy and Bangladesh who also restricted Indians’ entry over the weekend. UK, Canada, Hong Kong, New Zealand, and Singapore have already banned flights from India. The UAE doesn’t allow Indians to enter its territories until they have spent 14 days in other countries.

Airline stocks are going to bear the brunt of these restrictions and bans. As fewer people fly in and out of the country, and the second wave of the pandemic ravages India, travel will come to a grinding halt. Spicejet Ltd (BO: SPJT ) has lost over 40% from its December high of Rs 106 to close at Rs 60.85 on April 23. Interglobe Aviation Ltd (NS: INGL ) (Indigo) has fared relatively better. It closed April 23 on Rs 1,545, down just 11.5% from its December high of Rs 1,747.

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