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    InterGlobe Aviation shares soar nearly 14%

    Synopsis

    Bucking the weak March quarter earnings, the company's stock jumped 12.62 per cent to Rs 1,064.95 on BSE.

    Indigo
    "Closure of flight operations during national lockdown on account of COVID-19 significantly impacted revenue for the quarter," it said in a regulatory filing.
    Shares of InterGlobe Aviation rallied nearly 14 per cent on Wednesday amid positive sentiments about the future trajectory of the company. The company on Tuesday reported a net loss of Rs 870.8 crore in the three months ended March, as higher expenses and suspension of flight operations due to coronavirus pandemic took a toll.

    Asserting that the company has a healthy balance sheet, energised workforce, efficient fleet, strong cost position and firm market position in India and in neighbouring countries, IndiGo CEO Ronojoy Dutta said the firm is determined to emerge stronger from this crisis.

    Bucking the weak March quarter earnings, the company's stock jumped 12.62 per cent to Rs 1,064.95 on BSE.

    It rallied 13.87 per cent to Rs 1,076.70 on NSE.

    The parent of the country's largest airline IndiGo had a profit after tax of Rs 595.8 crore in the year-ago period.

    "Closure of flight operations during national lockdown on account of COVID-19 significantly impacted revenue for the quarter," it said in a regulatory filing.

    Domestic flight services remained suspended for two months from March 25 when the lockdown was imposed to curb spreading of coronavirus infections. While domestic flights resumed operations on May 25, overseas flights are yet to recommence services.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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