InterGlobe Aviation shares crack 7.5%; m-cap drops by Rs 2,891 cr

Shares of InterGlobe Aviation, which runs largest domestic carrier IndiGo, today plummeted 7.5 per cent after the company reported a steep 96.6 per cent fall in net profit in June quarter.

The stock slumped 7.49 per cent to close at Rs 929.05 on BSE. During the day, it cracked 11.26 per cent to Rs 891.10 -- its 52-week low.

On NSE, shares of the company tumbled 7.14 per cent to settle at Rs 933.25.

Led by the sharp fall in the stock, the company's market valuation eroded by Rs 2,890.68 crore to Rs 35,713.32 crore on BSE.

In terms of equity volume, 9.47 lakh shares of the company were traded on BSE and over 83 lakh shares changed hands on NSE during the day.

InterGlobe Aviation yesterday reported a steep 96.6 per cent fall in net profit to Rs 27.8 crore in June quarter, owing to adverse impact of foreign exchange, high fuel prices, lower yields and higher maintenance cost.

The Gurugram-based budget carrier had posted a net profit of Rs 811.10 crore in the same quarter last year.

However, sales from operations rose 13.2 per cent to Rs 651.20 crore in the quarter, compared with Rs 575.29 crore in the year-ago period.