The Interglobe Aviation stock plunged more than 13% in intraday trade after posting disappointing quarterly results on Wednesday. The stock lost a total of 10% in the market session on Thursday.
NSE
IndiGo's profit plunged 73% in Q4 due to an increase in fuel prices, decline in yields and foreign exchange impact, the company said.
The stock, in the opening, dropped by more than 6% and then plunged to 15% in a couple of minutes.
The airline, India’s biggest in terms of the number of planes and passengers carried, posted a profit of Rs 440.3 crore a year ago.
Total expenses jumped 30.2% to Rs 5,891 crore, including a 33.5% increase in fuel costs in the January-March quarter.
IndiGo also had to cancel hundreds of flights in March when several in-flight engine failures prompted India's aviation regulator to ground eight of the airline's Airbus A320neo aircraft fitted with certain Pratt & Whitney engines.
The aviation company also recently accepted the resignation of Aditya Ghosh as their chief executive. Ghosh will continue to remain one of the directors of the company.
First Published:May 3, 2018 10:41 AM IST
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