At 10:33 am, InterGlobe Aviaiton was quoting Rs 905.55 per share, down 7.95 per cent, while SpiceJet was still locked in the lower circuit.
According to Ashish Shah, research analyst at Centrum Broking, the government's expectations of saving Rs 1,000 crore annually by saving fuel would be based on pre-Covid-19 air traffic level.
ALSO READ: FM's reforms fail to impress airlines bleeding in coronavirus lockdown Airline executives, however, said that the government needs to help airlines with measures like deferring landing and parking charges and waiving off taxes and duties.
Individually, InterGlobe Aviation, parent firm of India's largest airline (by market share) IndiGo, tanked 9.5 per cent to Rs 890 on the BSE, while was locked in the 5 per cent lower circuit band at Rs 43.45 apiece.
InterGlobe Aviation and tumbled as much as 9.5 per cent on the BSE on Monday after the government's Rs 20 trillion economic package failed to deliver immediate liquidity support to the bleeding airlines.