You are here: Home » Companies » News
Business Standard

Covid-19 scare: Airline shares tumble up to 14%; IndiGo hits 52-week low

InterGlobe Aviation, the parent of the country's largest airline IndiGo, saw its shares slump 14.08 per cent to hit 52-week low of Rs 875

Press Trust of India  |  New Delhi 

flight
In the broader market, the benchmark indices Sensex and Nifty staged a unprecedented recovery after witnessing their worst-ever intraday crash in early session

Airline stocks plunged into deep red on Friday due to the ongoing travel restrictions in the wake of outbreak.

Shares of and were trading with heavy losses.

InterGlobe Aviation, the parent of the country's largest airline IndiGo, saw its shares slump 14.08 per cent to hit 52-week low of Rs 875.

dropped nearly 10 per cent to Rs 44.70.

Hundreds of cancelled flights, decline in daily ticket bookings, fall in footfalls at airport shops and spike in expenses continue to rattle the country's aviation space as airlines, with weakened financials, and airport operators grapple with headwinds.

More than 490 flights operated by foreign carriers to and from India have been cancelled for varying periods of time while the count of weekly flights cancelled by domestic airlines is more than 90, as per official data.

In the broader market, the benchmark indices and staged a unprecedented recovery after witnessing their worst-ever intraday crash in early session.

In the afternoon session, the was trading higher by 937 points or 2.86 per cent at 33,715.14, while the NSE was up 306.20 points or 3.19 per cent at 9,896.35.

The plummeted over 3,200 points and the broader sank by nearly 1,900 points, hitting their lower circuit limits, in opening session on Friday as pandemic-led recession fears fuelled worldwide panic.

First Published: Fri, March 13 2020. 12:56 IST
RECOMMENDED FOR YOU