InterGlobe Aviation down 2% as IndiGo shows interest in Air

Shares of InterGlobe Aviation, which operates IndiGo airline, fell by over 2 per cent today as the low-cost carrier has expressed interest in taking over Air India's international flights.
The stock declined by 2.05 per cent to settle at Rs 1,237 on BSE. During the day, it lost 3.55 per cent to Rs 1,218.
At NSE, shares of the company slipped 2.2 per cent to end at Rs 1,237.
The company's market valuation fell by Rs 918.16 crore to Rs 44,729.84 crore.
Other airline stocks also traded weak, with SpiceJet falling 0.15 per cent and Jet Airways by 0.05 per cent on BSE.

"IndiGo has written a letter with an unsolicited expression of interest (EOI) in the divestment procedure of Air India," Civil Aviation Secretary R N Choubey said today.

The Cabinet yesterday gave in-principle approval for the divestment of the national carrier.
IndiGo said in a letter it would be interested in buying out the international operations of Air India and its low-cost wing, Air India Express.
If that was not possible, it would like to buy the entire Air India flight operations, including domestic, IndiGo President Aditya Ghosh said in the letter.
The airline has about Rs 52,000 crore of debt.