InterGlobe Aviation down for seventh straight day; hits 52-week low

The stock hit 52-week low of Rs 1,002, falling 11% in past two weeks from Rs 1,122 on July 17, as compared to 1.1% rise in the Sensex.

Shares of InterGlobe Aviation, operator of IndiGo, are trading lower for the seventh straight day, down 2% at Rs 1,002, in otherwise firm market.

The stock is quoting at its 52-week low level, and has dipped 11% from Rs 1,122 on July 17 as media reports suggested that the company has grounded five A320 aircraft in Delhi. In comparison, the S&P BSE Sensex has moved up 1.1% during the period.

“As part of our normal maintenance schedule, a few A320 Neos have been taken out of service,” InterGlobe Aviation said in clarification of the news report.

We are currently waiting for spare engines from Pratt and Whitney, for which the release process has already been initiated by them. These aircraft are expected to be back in service in the second half of August, 2018, the company said.

The stock of InterGlobe Aviation has slipped 34% from its 52-week high of Rs 1,520 touched on April 20, 2018 on the BSE in intra-day trade. The company had reported a sharp 73% decline in its net profit in March 2018 (Q4FY18) quarter, primarily because of increase in fuel prices, decline in yields and foreign exchange impact.

Meanwhile, the board of directors of InterGlobe Aviation is scheduled to meet on Monday, July 30, 2018, to consider the unaudited financial results of the company for the quarter ended June 30, 2018.