Tuesday, May 21

IndiGo Stocks Witness 3% Fall Ahead of March Quarter Results

Largest Airline Service in India in terms of passenger and fleet size, InterGlobe Aviation( IndiGo) had its shares fell by more than 3 percent today morning. The shares of the company have plunged just ahead of the announcement of its March quarter earnings scheduled to release later today.

While the shares of the company opened at Rs 1,420, they were too quick to lose ground and felt low at Rs 1,353, accounting a 3.34 perecnt downgrade against the previous closing price.

The Aviation Company witnessed a similar fate on NSE too where the shares that opened at 1,412.80 fell to a low of Rs 1,351, down by 3.69 percent over its previous closing price.

Earlier in a regulatory filing, IndiGo had informed about a meeting of the board of directors to be held today to consider the approval of audited standalone financial results of the company for the quarter and year ended March 31, 2018.

As per the filing, approval of audited consolidated financial results of the company for the year ended March 31, 2018, will also be considered by the board of directors along with recommendations of dividend for the fiscal year report.

On April 27, IndiGo had announced that former executives Gregory Taylor would likely take over President Ghosh. It had also informed that Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.

IndiGo is currently country’s largest airline service that houses a fleet of 160 aircraft and accounts for 40 percent market share. It operates around 1,000 flights daily.