Shares of InterGlobe Aviation fell by over 2 per cent today amid reports that budget carrier IndiGo has grounded five A320 neo aircraft due to issues with Pratt & Whitney engines.
The stock of IndiGo's parent InterGlobe Aviation lost 2.28 per cent to settle at Rs 1,019 on BSE. Intra-day, it declined 3.30 per cent to Rs 1,008.35 -- its 52-week low.
At NSE, shares of the company dropped 2 per cent to close at Rs 1,020.
The company's market valuation also slipped by Rs 913.94 crore to Rs 39,171.06 crore.
Without specifying the number of planes, an IndiGo spokesperson confirmed that "a few A320 neos have been taken out of service pro-actively and await spare engines from Pratt & Whitney".
"IndiGo has grounded five of its A320 neo aircraft due to P&W issues. These aircraft are currently grounded at New Delhi's Indira Gandhi International Airport," a source said.
Since the induction of A320 neo planes powered by P&W engines in March 2016, IndiGo has intermittently been facing engine issues and has grounded some of these aircraft on earlier occasions also.