IndiGo gives profit warning following dip in bookings over Coronavirus

IndiGo expects the coronavirus (COVID-19) crisis and depreciation of the rupee to hit profit in the fourth quarter. IndiGo, the largest domestic airline by market share, has issued the profit warning following a dip in bookings because of the spread of COVID-19 in the country.

“We cancelled our flights to China and Hong Kong and reduced frequency to certain other Southeast Asian markets. This capacity was redeployed in other markets without having a material impact on our revenues. Over the past few days, however, week-on-week, we have seen a 15-20 per cent decline in our daily bookings. We expect our quarterly earnings to be materially impacted because of these factors,” the airline said in a stock exchange notification on Wednesday.