IndiGo Shares Plunge After Q1 Profit Misses Estimates
The stock fell as much as 4.9% in early trade to Rs 4,273.2 apiece on the NSE
Shares of InterGlobe Aviation Ltd. fell nearly 5% on Monday after the airline operator's first-quarter profit missed analysts' estimates.
The operator of India's largest airline reported a 48% surge in the bottom line to Rs 1,063 crore during the April–June period, according to an exchange filing on Friday. A consensus estimate of analysts tracked by Bloomberg had projected a profit of Rs 2,503.4 crore.
IndiGo has sustained an impressive growth, marking its seventh consecutive quarter of solid results, Chief Executive Officer Pieter Elbers told NDTV Profit.
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Indigo's stock fell as much as 4.9% in early trade to Rs 4,273.2 apiece on the NSE. It was trading 1.77% lower at Rs 4,414 per share, compared to a 0.27% advance in the benchmark Nifty as of 9:55 a.m.
The share price has risen 70% in the last 12 months and 48% on a year-to-date basis. The total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 56.
Sixteen out of the 22 analysts tracking the company have a 'buy' rating on the stock, four recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 8%.
