IndiGo Fined Over Rs 2.76 Crore by Customs Authorities

Indian airline IndiGo has been fined a total of over Rs 2.76 crore by Customs authorities in Ahmedabad and Chennai. IndiGo plans to appeal the penalties, asserting it has deposited the duty correctly. The fines are not expected to impact the airline's financials or operations significantly.

IndiGo finds itself in the crosshairs of Indian Customs authorities, who have imposed penalties exceeding Rs 2.76 crore. The Principal Commissioner of Customs in Ahmedabad levied a Rs 2.20 crore penalty, while a separate fine of Rs 56,20,254 was imposed in Chennai.

The airline received these communications in late May, indicating alleged customs duty discrepancies. IndiGo, however, maintains that it has accurately settled duties and plans to challenge the penalties through appeals.

InterGlobe Aviation, IndiGo's parent company, asserts that these fines pose no material threat to their financial performance or operations. Despite this, the company's shares fell by nearly 2 percent on the BSE, closing at Rs 5,313.15.

(With inputs from agencies.)