InterGlobe Aviation shares tank 20 per cent on weak Q4 results
The stock, after making a weak opening, further tumbled 17.57 per cent to Rs 1,111.30 on BSE.
New Delhi: Shares of InterGlobe Aviation slumped nearly 20 per cent today after the company reported 73 per cent plunge in profit for the March quarter.
The stock, after making a weak opening, further tumbled 17.57 per cent to Rs 1,111.30 on BSE. On NSE, shares of the company cracked 19.75 per cent to Rs 1,077.55.
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.
Selling was also seen in other airline stocks, with SpiceJet tumbling 8.98 per cent to Rs 120.05 and Jet Airways (India) falling 6.22 per cent to Rs 556 on BSE.