Yesterday shares of both Jet Airways and SpiceJet rose by 9% and 7%, respectively. Although the increase in SpiceJet’s share price was attributed by some commentators to reports that Kalanithi Maran and his wife Kavery had left the board of KAL Airways, which owns 48.6% of SpiceJet, sparking rumours of a possible share sale (the reports were later denied by the airline), analysts were at a loss to explain the jump in Jet Airways share price. This surprise was exacerbated by the release of poor October passenger traffic results by the Directorate General of Civil Aviation that showed traffic fell

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