InterGlobe Aviation Ltd. (NSE: INDIGO), the holding company behind India's dominant low-cost carrier IndiGo, is facing severe headwinds that have grounded
its stock price. As of 1:05 p.m. IST on Tuesday, December 9, shares are trading at Rs 4,889 — down 0.70% or Rs 34.50 from Monday's close of Rs 4,923.50 — reflecting ongoing investor jitters over operational snags and sector-wide pressures. This marks a continuation of a punishing slide: The stock has shed 14.12% over the past week and 12.37% in the last month, erasing nearly Rs 30,000 crore from its market capitalization in December alone. From its 52-week high of Rs 6,232.50 touched on August 18, 2025, the shares are now down a steep 21.6% — a far cry from the airline's post-pandemic soar, where it commanded a 60% domestic market share and delivered 145.63% returns over three years. With a total market cap of Rs 1,88,830 crore and a free-float value of Rs 1,06,602 crore, InterGlobe remains a heavyweight in the Nifty 50, but today's intraday volatility (high: Rs 4,983; low: Rs 4,843) underscores the fragility of its recovery narrative. The Perfect Storm: Cancellations, Crew Crunch, and Cost Escalation The rout stems from a fresh wave of over 1,000 flight disruptions last week, triggered by crew shortages and teething issues with the DGCA's tightened Flight Duty Time Limitations (FDTL) rules. IndiGo, operating 2,000+ daily flights, cited "planning challenges" in a note to the Civil Aviation Ministry, stranding passengers and prompting a show-cause notice from regulators. The fallout? • DGCA has curtailed IndiGo's winter slots by 15–17% on high-density routes • Potential Q3 revenue hit: Rs 1,200–1,500 crore • Estimated FY26 pre-tax profit impact: -17% (Emkay Global) • Brokerages including Jefferies and Motilal Oswal have trimmed targets by 10–15% Pressure is rising from: • Weakening rupee (86.50/USD, down 4.9% YTD) • ATF price surge (up 5% in November to Rs 1.1 lakh/kl) • 12% YoY rise in non-fuel expenses CEO Pieter Elbers has requested a 24-hour extension on the DGCA notice, but Monday’s 8.7% plunge was the worst single-day drop since February 2022, with volumes hitting 62.48 lakh shares and traded value at Rs 3,069 crore.
