IndiGo Regains on Clarification on Pratt & Whitney Engine Issue | CORPORATE ETHOS

IndiGo Regains on Clarification on Pratt & Whitney Engine Issue

By: | March 21, 2018

InterGlobe Aviation Ltd (BSE: 539448, NSE: INDIGO) who runs the IndiGo air services has reversed the continuous falling trend on the bourses by gaining 1.52% to trade at RS 1261.35 after hitting a high of 1264.70 and a recent low of Rs 1214. The scrip has closed at 1242.65 the previous day.

The company had informed the bourses that the Director General of Civil Aviation (DGCA) had directed the company to ground nine A320neo aircraft due to an ongoing Pratt & Whitney engine issue. The company is in the process of implementing the directions of DGCA. This led to cancellation of flights and some passengers have been reaaccomodated in other flights operating in the sector.
All affected passengers have been given the option to either choose another flight at no additional cost or cancel their booking and get a full refund.

The company had its net profit jump 56.39% to Rs 762.03 cr while income rose 24.98% to Rs 6,177.88 cr.

On technical charts, RSI of 48 indicates neutral trend, while MACD has witnessed a bearish crossover signalling selling opportunity.