IndiGo nosedives to bigger loss due to Covid-19 but shares jump

IndiGo nosedives to bigger loss due to Covid-19 but shares jump

IndiGo nosedives to bigger loss due to Covid-19 but shares jump

 

It is one of Asia’s biggest budget airlines, reported a wider-than-anticipated loss over the weekend as passenger traffic shrank with the coronavirus tearing through India.

The carrier, operated by InterGlobe Aviation Ltd., posted a loss of 11.5 billion rupees ($157 million) in the three months through March, its fourth quarter, widening from a loss of 8.7 billion rupees a year earlier. The average forecast from analysts was for a deficit of 4.5 billion rupees.

Still, the company’s shares were up 0.2% as of 10:39 a.m. in Mumbai on Monday having earlier jumped as much as 5.5%.

 

 

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