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.
Ability of market to absorb increase will weigh on stock
SpiceJet (down 9% at Rs 120) and Jet Airways (down 6% at Rs 556) were down more than 5% as compared to 0.16% decline in the S&P BSE Sensex at 09:55 am.
The weakness in the stock, analysts say, is a knee-jerk reaction to the news of its president, Aditya Ghosh, unexpectedly quitting on Friday. Going ahead, oil prices, Q4FY18 results will dictate trend
Rahul Bhatia takes over as interim CEO effective immediately
InterGlobe Aviation, the owner of India's biggest airline IndiGo, has dipped 3.3% to Rs 1,142 on the BSE in intra-day trade. The shares will be sold at a floor price of Rs 1,130 per share
Based on the floor price, the share sale would fetch at least Rs 1,265 crore
The company sold about 22.4 million new shares
Sources say the share sale saw participation from both FIIs and mutual funds
As of June 30, Gangwal and Chinkerpoo Family Trust owned 16.83 percent and 15.59 percent stakes in the co
InterGlobe Aviation, SpiceJet and Jet Airways (India) were up in the range of 1% to 3% on BSE
The stock was down nearly 5% to Rs 1,179, falling 7% from its 52-wk high of Rs 1,273 hit on Thursday
The stock gained 4.4% to Rs 1,206 on BSE in intra-day trade.
The stock dipped 5% to Rs 854 on the BSE in early morning trade.
Passenger volumes and market share of the aviation company have improved
The stock dipped 7% to Rs 906 on the BSE in early morning trade.
Lower fares, higher non-fuel costs hit margins