MUMBAI: Shares of InterGlobe Aviation, the parent of IndiGo, fell 8 per cent on Monday after the company reported a net loss of Rs986.7 crore for the September quarter, citing headwinds from grounded planes and rising fuel costs.
The stock ended 8 per cent lower at Rs4,015.50 on the BSE, having plunged as much as 13.42 per cent to Rs3,778.50 during the day. On the NSE, it closed 8 per cent lower at Rs4,015, after dropping to an intra-day low of Rs3,780.
InterGlobe Aviation’s market capitalisation (mcap) fell by Rs13,481.88 crore, settling at Rs1,55,107.61 crore. Trading volumes were high, with 1.97 lakh shares traded on the BSE and 91.39 lakh on the NSE.
Largest airline
The company, India’s largest airline, reported the quarterly loss on Friday, attributing it to operational disruptions from grounded planes and fuel price increases. IndiGo’s fleet grew to 410 planes by September, and it became the first Indian airline to operate over 400 aircraft. The carrier expects its number of grounded planes to decrease to under 60 by year-end, down from the mid-70s.
In the same quarter last year, IndiGo posted a profit of Rs188.9 crore. Excluding forex impacts, its Q2 FY24 loss was Rs746.1 crore.
