SpiceJet surges over 6 per cent after announcing monsoon fares starting Rs 1,999

MUMBAI: Shares of budget airline Spicejet surged over 6 per cent in the afternoon after the company announced its latest monsoon fares. The move comes after the airlines began price war by slashing fares in an effort to woo flyers and beat competition.

Fares starting from Rs 1,999 will be applicable on booking made before June 12 and travel has to be done between July 11, 2014 and September 30, 2014.

On June 3, the company had announced a promotional all-inclusive ticket offer starting from Rs 2,999 for a one-way journey on domestic routes, primarily from Tier-II cities.

A day before AirAsia India launched its services, Spicejet had announced fares of Rs 1,499 on Bangalore-Goa and Bangalore-Chennai. AirAsia pulled out all stops. It offered one-way prices of Rs 990 all inclusive on its routes and later topped it with a Rs 5 base fare promotional tickets.

Recently, IndiGo followed AirAsia with a Rs 1 base fare on flights on the Bangalore-Chennai and Bangalore-Goa sectors.

The stock closed at Rs 20.85, up 3.73 per cent, on the BSE. It touched a high of Rs 21.50 and a low of Rs 19.25 in the trade today.