InterGlobe Aviation shares bounce back after early losses; close over 3 pc higher

In traded volume, 3.59 lakh shares were traded on the BSE, 49 lakh units on the NSE during the day. InterGlobe Aviation on Wednesday reported a net loss of Rs 2,844.3 crore for the three months ended June as disruptions due to the coronavirus pandemic significantly impacted the airline.

Shares of InterGlobe Aviation on Thursday pared all its early losses and closed the day with over 3 per cent gains. It had tumbled 4 per cent to Rs 873.10 in early trade on the BSE. But later, recovered the lost ground and closed at Rs 939.75, up 3.29 per cent.

A similar trend was witnessed on the NSE. The stock, which dipped 3.79 per cent to Rs 875.25 during the morning trade, pared the early losses and closed with a gain of 3.11 per cent at Rs 938.05. In traded volume, 3.59 lakh shares were traded on the BSE, 49 lakh units on the NSE during the day.

InterGlobe Aviation on Wednesday reported a net loss of Rs 2,844.3 crore for the three months ended June as disruptions due to the coronavirus pandemic significantly impacted the airline. The parent of the country's largest airline IndiGo had a net profit of Rs 1,203.1 crore in the year-ago period.

In the first quarter of the current financial year, the airline's total income declined 88 per cent to Rs 1,143.8 crore. In the year-ago period, the same stood at Rs 9,786.9 crore, according to a regulatory filing. Revenue from operations declined 91.9 per cent to Rs 766.7 crore in the quarter under review compared to the same period a year ago.

"Closure of scheduled operations till May 24, 2020, and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results," the filing said. In the wake of the pandemic, air services were suspended in late March.

Domestic flights resumed on May 25, while international flights services remain suspended..