New Delhi: Shares of InterGlobe Aviation witnessed volatility for the second straight session on Wednesday, falling over 4 per cent following the abrupt exit of Aditya Ghosh as the president of IndiGo Airlines.
The stock also witnessed selling pressure as Sebi is examining the sharp plunge in the shares of InterGlobe Aviation, the parent of IndiGo, hours before it announced the resignation of its president Aditya Ghosh.
During the morning trade, shares of InterGlobe Aviation fell ahead of the announcement of its March quarter earnings.
The stock fell by 3.68 per cent to end at Rs 1,348.25 on BSE. During the day, it lost 4.61 per cent to Rs 1,335.05.
At NSE, shares of the company slipped 4.27 per cent to settle at Rs 1,342.85.
The company’s market valuation fell by Rs 1,977.35 crore to Rs 51,827.65 crore.
The Securities and Exchange Board of India (Sebi) is probing a more than 6 per cent plunge in the country’s largest domestic carrier’s share price on April 27, officials said.
On April 27, the company had said that Ghosh would step down as President and Whole Time Director.
Meanwhile, InterGlobe Aviation today posted a 73 per cent decline in profit at Rs 117.96 crore in the three months ended March 2018, as higher fuel expenses crimped the bottom line. The results were announced post market hours today.
Meanwhile, shares of Jet Airways also saw a weak trend, plunging 7.64 per cent to Rs 592.90 at close on BSE. During the day, it slumped 9 per cent to Rs 583.55.