As Indigo profit dives 73%, parent firm's shares crash by 10%
New Delhi: Shares of InterGlobe Aviation ended sharply lower by 10 per cent on Thursday, wiping out Rs 5,475 crore from its market valuation, after the company reported 73 per cent plunge in profit for the March quarter.
The stock cracked 10.57 per cent to end at Rs 1,205.80 on BSE. During the day, it tumbled 17.57 per cent to Rs 1,111.30.
On NSE, shares of the company plunged 10.18 per cent to close at Rs 1,206.05.
Led by the sharp decline in the stock, the company's market valuation eroded by Rs 5,475.22 crore to Rs 46,351.78 crore.
The stock had fallen by nearly 4 per cent on Wednesday too.
In terms of equity volume, 6.91 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day.
Selling was also seen in other airline stocks, with Jet Airways (India) plunging 12.28 per cent to close at Rs 520.10 and SpiceJet tumbling 6.14 per cent to Rs 123.80 on BSE. IndiGo's parent InterGlobe Aviation on Wednesday reported 73 per cent plunge in profit after tax (PAT) to Rs 117.64 crore for the March quarter as higher fuel costs and foreign exchange loss took a toll on its bottom line.
The carrier, which last week announced the sudden departure of its President and Whole Time Director Aditya Ghosh, had a PAT of Rs 440.31 crore in the year-ago period.
However, the company's total income in the fourth quarter of 2017-18 climbed 17 per cent to Rs 6,056.84 crore. It was Rs 5,141.99 crore in the year-ago period, according to a regulatory filing.
The lower quarterly profit was mainly due to rise in fuel costs, foreign exchange loss and lower yield, IndiGo's Chief Financial Officer Rohit Philip said during a conference call to discuss the financial results.