Shares of InterGlobe Aviation Ltd., the parent of IndiGo, and SpiceJet Ltd. jumped on Wednesday after Go First sought voluntary insolvency resolution proceedings and decided to cancel flights for three days starting May 3.
InterGlobe Aviation stock rallied 7.99% to Rs 2,235.95, its 52-week high, on the BSE. Shares of SpiceJet zoomed 5.58% to Rs 33.25.
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Cash-strapped Go First, on Tuesday, sought voluntary insolvency resolution proceedings and decided to cancel flights for three days starting May 3, as the budget airline is unable to meet financial obligations amid the grounding of half of its fleet due to the non-availability of Pratt & Whitney engines.
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Go First, which has been functional for more than 17 years, cancelled all flights for three days—May 3, 4, and 5—and promised to make a full refund to the customers. It operates around 180–185 flights a day, carrying around 30,000 passengers.
Airline's Chief Executive Officer Kaushik Khona said the airline has grounded 28 planes, more than half of its fleet, due to the non-supply of engines by Pratt & Whitney (P&W), and that has resulted in a fund crunch.
The Wadia group-owned carrier has moved the National Company Law Tribunal, Delhi, seeking voluntary insolvency resolution proceedings.
Go First is the second major scheduled airline after Jet Airways to seek resolution under insolvency proceedings.
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