IndiGo
IndiGo shares soar 11%: What’s behind the rally?
Mumbai/IBNS: Shares of InterGlobe Aviation Ltd., the parent company of IndiGo airlines, surged nearly 11% on Wednesday, media reports said.
This marked the company’s biggest single-day gain since February 2022, making it one of the top gainers on the Nifty 50.
The stock has risen over 20% in the last six sessions, with five of them ending in positive territory.
Why did the stock rise?
The rally came after the Airports Economic Regulatory Authority (AERA) on Tuesday announced a 25% reduction in parking and landing charges across major airports in the country.
The directive, applicable to all domestic flights, will remain in effect for three months.
The move follows the Centre’s directive in view of the ongoing West Asia conflict, aimed at easing cost pressures on airlines.
IndiGo appoints new CEO
Meanwhile, IndiGo’s board last week appointed William Walsh as its new Chief Executive Officer.
Walsh, former CEO of British Airways, will assume charge on August 3.
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