India’s IndiGo cancels 1,000 flights, shares of InterGlobe drop

Shares of InterGlobe Aviation Ltd., operator of India’s largest airline IndiGo, fell sharply after the country’s civil aviation regulator summoned the airline’s chief executive to explain major operational disruptions.

In early Mumbai trading, the stock dropped as much as 6.9% to ₹5,001 ($55.50), marking its steepest decline since April 7, Caliber.Az reports via foreign media.

The fall followed the airline’s cancellation of more than 1,000 flights on December 5, affecting thousands of passengers nationwide.

IndiGo said in a statement that it is on track to operate more than 1,650 flights, with on-time performance improving to 75%.

Analysts at Jefferies warned that the airline faces higher costs from the cancellations, compounded by a weaker rupee and rising crew expenses, which could pressure profitability in the near term.

By Aghakazim Guliyev