Shares of InterGlobe Aviation, the parent company of India's largest airline IndiGo, dropped 8 percent on Monday after high costs in a tepid aviation season led to a weak September quarter (Q2FY25) performance.
The shares ended the session at ₹4,015.50 apiece on the BSE. During the day, they slumped 13.42 percent to ₹3,778.50. The company's market capitalization eroded by ₹13,481.88 crore to ₹1,55,107.61 crore.
Higher costs from grounded aircraft, along with a decrease in revenue per available seat kilometer (RASK) and an increase in non-fuel cost per seat kilometer (CASK) led to the airline's performance falling short of analyst expectations.
In addition to the weak Q2, brokerages such as Nuvama Research had downgraded the stock over a valuation premium to global low-cost carriers, slowing domestic demand, and overcapacity concerns.
This story is from the October 29, 2024 edition of Business Standard.
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This story is from the October 29, 2024 edition of Business Standard.
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