Shares of InterGlobe Aviation, the parent of IndiGo, and SpiceJet jumped on Wednesday after Go First sought voluntary insolvency resolution proceedings and decided to cancel flights for three days starting May 3. InterGlobe Aviation stock climbed 4.52 per cent to settle at Rs 2,163.90 on the BSE. During the day, it rallied 7.99 per cent to Rs 2,235.95 — its 52-week high. Shares of SpiceJet gained 1.40 per cent to end at Rs 31.93. In intra-day, it zoomed 5.58 per cent to Rs 33.25.
Cash-strapped Go First on Tuesday sought voluntary insolvency resolution proceedings and decided to cancel flights for three days starting May 3, as the budget airline is unable to meet financial obligations amid the grounding of half of its fleet due to non-availability of Pratt & Whitney engines.
