GVK Power shares rise on Mumbai penalty fees

Shares in GVK Power rose 0.3 percent, outperforming a 0.7 percent fall in the NSE index, after Mumbai International Airport Ltd (MIAL) planned to impose penalties on private jets which stay beyond their scheduled time.

MIAL has imposed penalties in the range of Rs 1,000- Rs 4,000 per hour for private jets staying beyond their scheduled time at the airport, a spokesperson for MIAL told Reuters.

The penalties -- intended to aid decongestion and enhance safety at the busy airport -- are not levied on aircrafts owned and operated by airlines, or those that have to undergo maintenance, the MIAL spokesperson added.