IndiGo Shares Falter: Here Are Top Mutual Funds With High Stakes In Airline
IndiGo has cancelled over 4,500 flights in the last seven days because of a severe crew shortage along problems tied to new flight duty rules that crippled its operations.
India's largest airline, InterGlobe Aviation Ltd, has had one of the roughest starts to December after going through one of the country's worst aviation disruptions in the first week itself.
IndiGo, which is part of the Nifty 50, has seen its stock plummet nearly 17% in the last eight trading sessions. The airline had become part of the Nifty 50 after replacing IndusInd Bank in late September this year.
Mutual fund titans, such as ICICI Prudential Mutual Fund, SBI Mutual Fund and HDFC Mutual Fund, are among the names that hold major stakes in the airline.
ICICI Pru MF holds the most number of shares with 118.4 lakh shares, followed by SBI MF with 88.2 lakh shares and then HDFC MF with close to 76 lakh shares, as per NDTV Profit calculations.
Other names on the top 10 roster include Axis Mutual Fund with 68.7 lakh shares; Nippon India Mutual Fund with 56.5 lakh shares; Kotak Mutual Fund with 52.4 lakh shares; UTI Mutual Fund with 38.4 lakh stocks; Invesco Mutual Fund with 29.9 lakh stocks; Franklin Templeton Mutual Fund with 27.4 lakh stocks and Mirae Mutual Fund with 19.7 lakh shares.
IndiGo Chaos
IndiGo has cancelled over 4,500 flights in the last seven days because of a severe crew shortage along problems tied to new flight duty rules that crippled its operations.
The disruptions left thousands of passengers stranded at major airports, leading to massive backlash against the airline. Long queues at ticket counters, angry passengers, protests at major airports and a viral open letter by employees on the alleged mismanagement by the airline have deepened the IndiGo crisis.
Many travellers missed connecting flights and important events, including weddings, concerts and seminars amid the massive cancellations by IndiGo. The situation prompted the government to order a high-level inquiry and put the new norms on hold temporarily to restore flight operations.
