InterGlobe Aviation shares tank 8% on disappointing earnings; mcap drops by Rs 13,481.88 cr

New Delhi: Shares of InterGlobe Aviation, the parent of IndiGo, on Monday ended 8 per cent lower after the company posted a net loss of Rs 986.7 crore in the September quarter on headwinds from grounding of planes and higher fuel costs.

The stock plunged 8 per cent to close at Rs 4,015.50 apiece on the BSE. During the day, it tanked 13.42 per cent to Rs 3,778.50.

On the NSE, shares of the firm slumped 8 per cent to Rs 4,015. Intra-day, the stock plummeted 13.42 per cent to Rs 3,780.

The company's market capitalisation (mcap) eroded by Rs 13,481.88 crore to Rs 1,55,107.61 crore.

In volume terms, 1.97 lakh shares of the firm were traded on the BSE and 91.39 lakh shares on the NSE during the day.

The country's largest airline IndiGo on Friday posted a net loss of Rs 986.7 crore in the September quarter on headwinds from grounding of planes and higher fuel costs.

IndiGo, which also became India's first airline to have more than 400 aircraft, said the number of grounded aircraft has reduced to the high 60s from mid 70s and will further come down to the sub-60 level by the year-end.

At the end of September, the carrier had a fleet of 410 planes.

In the 2023 September quarter, the airline's profit stood at Rs 188.9 crore in the year-ago period.

Excluding the impact of foreign exchange, IndiGo's loss in the second quarter of the current financial year stood at Rs 746.1 crore, according to a release.