InterGlobe Aviation Faces Turbulence with Q2 Losses

InterGlobe Aviation, the parent company of IndiGo, reported a net loss of Rs 986.7 crore in the September quarter, triggering an 8% drop in share value. Contributing factors include grounded planes and high fuel costs. The company aims to reduce grounded aircraft numbers by year-end.

Shares of InterGlobe Aviation, the parent company of IndiGo, fell by 8% on Monday after reporting a net loss of Rs 986.7 crore in the September quarter. The loss is attributed to the grounding of planes and rising fuel costs. The stock closed at Rs 4,015.50 on the BSE, and experienced a steep drop to Rs 3,778.50 during the trading session.

Market capitalisation of the company decreased by Rs 13,481.88 crore, settling at Rs 1,55,107.61 crore. Volume trading of the shares saw 1.97 lakh shares exchanged on the BSE and 91.39 lakh shares on the NSE.

Despite the financial setback, IndiGo became India's first airline with over 400 aircraft. The airline reported that the number of grounded aircraft has decreased and aims to lower it further by the end of the year. Excluding foreign exchange impacts, their second-quarter loss was Rs 746.1 crore.

(With inputs from agencies.)