IndiGo shares dip as other aviation stocks also feel the heat

Shares of InterGlobe Aviation, which, operates low-cost air carrier IndiGo, lost as much as 18% during the morning session on Thursday, a day after reporting a 73.3% fall in the March-quarter profit.

On BSE, Indigo shares were trading at ₹1157.40 at 10:20 a.m., down 13.41% or ₹180.85. Earlier, it touched a low of ₹1,111.30, which was nearly 18% lower than its previous day's close of ₹1,348.25.

Hit by higher expenses as increased fuel costs and foreign exchange losses took a toll on its bottomline, the airline reported a net profit of ₹117.64 crore for the three months ended March 31, from ₹440.31 crore a year earlier. Revenue from operations rose about 20% to ₹5,799.1 crore.

Incidentally, the results came close on the heels of the airline announcing last week of the departure of its president and whole-time director Aditya Ghosh.

The sentiment took a beating for other aviation stocks as well, also due to the fact that IOC on May 1 announced an increase in the jet aviation fuel prices.

Jet Airways was trading nearly 5.5% lower at ₹560.60. Spicejet was also down more than 7% at ₹122.55.