InterGlobe Aviation extends slide for third day, down 4%

Falling for the third straight session today, shares of InterGlobe Aviation, which owns budget carrier IndiGo, lost over 4 per cent after a decline in quarterly profit.
The scrip fell 4.33 per cent to settle at Rs 825.35 on BSE. During the day, it tanked 4.82 per cent to Rs 821.10.
At NSE, it declined 4.1 per cent to end at Rs 827.45.
For the last three days, the scrip has lost over 15 per cent, wiping out Rs 5,367 crore in its market valuation.
The company on Monday had reported around 7.4 per cent decline in net profit at Rs 591.77 crore for the first quarter ended June, saying it was due to competitive ticket pricing.

It had posted a net profit of Rs 638.89 crore in the same period last fiscal.
Total revenue during April-June of 2016-17 rose 9.7 per cent to Rs 4,741.45 crore as against Rs 4,211.54 crore a year before, IndiGo had said in a release.