InterGlobe Aviation stock falls over 3% ahead of Mar qtr results

Shares of InterGlobe Aviation today fell more than 3 per cent in morning trade on bourses ahead of its March quarter earnings which is scheduled to be announced later in the day.

Shares of the company opened at Rs 1,420, but soon lost ground and were trading at Rs 1,353, down 3.34 per cent over their previous closing price.

On the NSE, too, the stock witnessed similar movement as it opened at Rs 1,412.80, then fell to a low of Rs 1,351, down 3.69 per cent over its previous closing price.

In a regulatory filing, the company had said that a meeting of the board of directors of InterGlobe Aviation is scheduled to be held today to consider the approval of audited standalone financial results of the company for the quarter and year ended March 31, 2018.

The board of directors will also consider the approval of audited consolidated financial results of the company for the year ended March 31, 2018; and recommendation of dividend, if any, for the financial year ended March 31, 2018, the filing added.

On April 27, IndiGo announced that Ghosh would step down as President and is likely to be replaced by one of its former executives Gregory Taylor. It further said that Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.

Following the announcement, shares of InterGlobe Aviation on April 30 witnessed heavy volatility and settled for the day marginally down on the bourses.

Ghosh has stepped down as Whole Time Director of InterGlobe Aviation, the parent of IndiGo, effective from April 26 while his resignation as President would come into effect from July 31.

InterGlobe Aviation said Taylor, a former executive at the airline, has been appointed as a Senior Advisor and would report directly to Bhatia.

IndiGo, which has a fleet of 160 aircraft, is the country's largest airline with a market share of nearly 40 per cent. It operates around 1,000 flights daily.