- Shares of InterGlobe Aviation dropped over 7% in four days after flight cancellations
- IndiGo cancelled more than 1,000 flights, including all departures from New Delhi
- New pilot rest rules reduced night landings and increased weekly rest by 12 hours
Shares of InterGlobe Aviation, the parent of IndiGo, dropped over 7% in the past four days ever since a crisis engulfed the airline, where it cancelled a large number of flights, leaving thousands of passengers stranded for several hours.
In the past four trading days, the stock has lost 7.23% on the BSE. On Friday, the stock declined 1.22% to settle at Rs 5,371.30 apiece. During the day, it dropped 3.15% to Rs 5,266.
On the NSE, shares of the firm ended 1.27% lower at Rs 5,367.50 each. In the last four days, the stock has declined by 7.30%.
The company's market valuation has eroded by Rs 16,190.64 crore to reach Rs 2,07,649.14 crore since Dec. 1.
Air travel across India remained in chaos for a fourth straight day on Friday as IndiGo, the country's largest airline, cancelled more than 1,000 flights, including all departures from New Delhi, leaving thousands of passengers stranded for several hours at a stretch with little clarity on alternatives.
The crisis, sparked after IndiGo — which controls about two-thirds of India's domestic traffic — failed to plan for new pilot flying-time regulations, leaving travellers missing everything from wedding receptions to job interviews and onward international connections.
The crisis at IndiGo stems from new regulations that boost pilots' weekly rest requirements by 12 hours to 48 and allow only two night-time landings per week, down from six. IndiGo has attributed the mass cancellations to 'misjudgment and planning gaps'.
Airline's CEO Pieter Elbers on Friday said the situation is anticipated to normalise between Dec.10-15.
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