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IndiGo Briefly Becomes World's Most Valuable Airline By Market Cap Before Slipping To Second Spot Again

The first position was reclaimed by the US-based Delta Air Lines Inc., which has a $24.42 billion market cap, according to Bloomberg data.

<div class="paragraphs"><p>IndiGo has the largest share in the Indian aviation market. (Photo: Vijay Sartap/NDTV Profit)</p></div>
IndiGo has the largest share in the Indian aviation market. (Photo: Vijay Sartap/NDTV Profit)

IndiGo briefly became the world's largest airline in terms of market capitalisation on Wednesday, but slipped again to the second spot as the stock of US-based Delta Air Lines Inc. soared after the Wall Street opened.

Earlier on Wednesday, IndiGo's parent entity InterGlobe Aviation Ltd., with a $23.15 billion market cap, had become the largest among its international peers.

The first position was reclaimed by Delta Air Lines, whose market cap surged to $24.42 billion after the US markets opened, as per Bloomberg data. The third place in the space is held by Ryan Air Holdings PLC, which is an Ireland-based company with nearly $21.3-billion market cap.

Delta Airlines' stock surged over 9% in trade on Wednesday, and the company was also was the top gainer in the S&P 500 index. This led to the company regaining its leading position among the other airlines.

Meanwhile, shares of IndiGo on Wednesday rose up to 2.09% during the day on the National Stock Exchange, but pared much of the gain to settle 0.73% higher at Rs 5,194.9 apiece. In comparison, the benchmark Nifty 50 index declined by 0.61%.

The aviation company's stock has risen by 42.92% in the last 12 months and by 14.04% on a year-to-date basis.

Eighteen out of the 23 analysts tracking the airline have a 'buy' rating on its stock, three recommend a 'hold' and two suggest a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 5,339.18, implying a potential upside of 2.8%.

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