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InterGlobe shares tank 6% as IndiGo warms up to Air India buy

LiveMint logoLiveMint 30-06-2017 PTI

New Delhi: Shares of InterGlobe Aviation, the parent of airline IndiGo, nosed down for the second session today, falling by over 6% as the carrier has shown interest in buying out Air India’s global operations.

The stock tumbled 6.13% to Rs1,161.05 on the BSE. On the NSE, it went down 6.22% to Rs1,160.05. The stock had fallen over 2% in the previous session also.

The letter from IndiGo president Aditya Ghosh to this effect was sent to minister of civil aviation Gajapathi Raju soon after the Cabinet on Wednesday gave its in-principle approval to Air India’s disinvestment.

“Kindly treat this letter as our expression of interest in acquiring the international airline operations of Air India and Air India Express. Alternatively, we are equally interested in acquiring all of the airline operations of Air India and Air India Express,” Ghosh said in the letter.

IndiGo is the market leader in the domestic aviation sector with a share of little over 41%. Air India has a debt of Rs 52,000 crore and is surviving on a bailout package of Rs 30,000 crore approved in 2012.

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