Business
SpiceJet shares jump 9% as IndiGo turbulence hits sector. GMR Airports slips 2% on travel chaos
SpiceJet shares gained following IndiGo’s cancellation of more than 400 flights. Citing sources, PTI reported that over 220 flights, including departures and arrivals, were cancelled at the Delhi airport, while more than 100 were cancelled at the Bangalore airport. At the Hyderabad airport, over 90 flights were cancelled, the sources said.
There were also cancellations at other airports, and many flights were delayed.
IndiGo has been grappling with operational disruptions due to cabin crew woes and other factors.
The stock saw significant volume action, which increased by 1.03 times.
SpiceJet shares have seen their price rode by over 48% in the past 12 months and are now trading below their 50-day and 200-day simple moving averages (SMAs) of Rs 34 and Rs 40.GMR Airports shares have rallied over 20% in the past 12 months and are now trading above their 50-day and 200-day SMAs of Rs 95 and Rs 87, respectively.Meanwhile, InterGlobe Aviation, the parent company of India’s largest airline IndiGo, dropped 3% to its intraday low of Rs 5,270 on the BSE as the company sought regulatory relief from the Directorate General of Civil Aviation (DGCA) due to operational disruptions caused by new pilot duty-hour regulations.
Also Read: Indigo’s problems on runway now extend to its charts. Should you buy, sell or hold?
The DGCA is currently evaluating IndiGo’s request for a temporary exemption from recently implemented night duty rules for pilots. These rules, enforced in two phases to address pilot fatigue, include a provision introduced on November 1 that limits the number of landings a pilot can perform between 12 AM and 6 AM
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
