The Interglobe Aviation stock fell in morning trade ahead of the firm's March quarter earnings set to be announced today. At 11:44 am, the stock was trading over 3 percent or 42 points lower at 1356.85 level on BSE. Interglobe Aviation is the holding firm of private sector airline IndiGo. The aviation firm stock opened at Rs 1,420, but soon lost ground to hit an intra day low of 1350 .
The stock hit its 52-week low (1,004.95) and high (1,520) on May 23, 2017 and April 20, 2018, on BSE respectively. On BSE, the stock's market capitalisation fell to Rs 52,275 crore.
The stock was trading 3.37% or 47 points lower at 1358 on NSE. Volume of the stock traded at NSE stood at 11,28,191. The value of trade carried in the stock stood at Rs 15,407 lakh on NSE.
On the NSE, too, the stock witnessed similar movement as it opened at Rs 1,412.80, then fell to a low of Rs 1,351, down 3.69 per cent over its previous closing price.
The firm said a meeting of the board of directors of InterGlobe Aviation is scheduled 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.
The board of directors will also consider the approval of audited consolidated financial results of the company for the year ended March 31, 2018; and recommendation of dividend, if any, for the financial year ended March 31, 2018, the filing added.
On April 27, IndiGo said that Aditya Ghosh would step down as President and is likely to be replaced by one of its former executives Gregory Taylor. It further said that Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.
Following the announcement, shares of InterGlobe Aviation on April 30 witnessed heavy volatility and settled for the day marginally down on the bourses.
Ghosh has stepped down as Whole Time Director of InterGlobe Aviation, the parent of IndiGo, effective from April 26 while his resignation as President would come into effect from July 31.
InterGlobe Aviation said Taylor, a former executive at the airline, has been appointed as a Senior Advisor and would report directly to Bhatia.
IndiGo, which has a fleet of 160 aircraft, is the country's largest airline with a market share of nearly 40 per cent. It operates around 1,000 flights daily.