InterGlobe Aviation Shares Plunge Over 13% on Disappointing Earnings

Shares of InterGlobe Aviation, the parent of IndiGo, on Monday tumbled over 13 per cent after the company posted a net loss of Rs 986.7 crore in the September quarter on headwinds from grounding of planes and higher fuel costs.

The stock tanked 13.42 per cent to Rs 3,778.50 on the BSE.

At the NSE, shares of the firm slumped 13.42 per cent to Rs 3,780.

The country's largest airline IndiGo on Friday posted a net loss of Rs 986.7 crore in the September quarter on headwinds from grounding of planes and higher fuel costs.

IndiGo, which also became India's first airline to have more than 400 aircraft, said the number of grounded aircraft has reduced to high 60s from mid 70s and will further come down to sub-60 level by the year-end.

At the end of September, the carrier had a fleet of 410 planes.

In the 2023 September quarter, the airline's profit stood at Rs 188.9 crore in the year-ago period.

Excluding the impact of foreign exchange, IndiGo's loss in the second quarter of the current financial year stood at Rs 746.1 crore, according to a release.