Shares of InterGlobe Aviation ended sharply lower by 10% on Thursday, wiping out Rs 5,475 crore from its market valuation, after the company reported 73% plunge in profit for the March quarter.
The stock cracked 10.57% to end at Rs 1,205.80 on the BSE. During the day, it tumbled 17.57% to Rs 1,111.30.
On NSE, shares of the company plunged 10.18% 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% on Wednesday too.
In terms of equity volume, 6.91 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day.
Selling was also seen in other airline stocks, with Jet Airways (India) plunging 12.28% to close at Rs 520.10 and SpiceJet tumbling 6.14% to Rs 123.80 on the BSE.
IndiGo’s parent InterGlobe Aviation on Wednesday reported 73% 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% to Rs 6,056.84 crore. It was Rs 5,141.99 crore in the year-ago period, according to a regulatory filing.
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