IndiGo nosedives to bigger loss due to Covid-19 but shares jump

IndiGo, one of Asia’s biggest budget airlines, reported a wider-than-anticipated loss over the weekend as passenger traffic shrank with the coronavirus tearing through India.

The carrier, operated by InterGlobe Aviation Ltd., posted a loss of 11.5 billion rupees ($157 million) in the three months through March, its fourth quarter, widening from a loss of 8.7 billion rupees a year earlier. The average forecast from analysts was for a deficit of 4.5 billion rupees.

Still, the company’s shares were up 0.2% as of 10:39 a.m. in Mumbai on Monday having earlier jumped as much as 5.5%.

“This has been a very difficult year with our revenues slumping hard due to Covid, showing some signs of recovery during the period December to February and then slumping again with the second wave of the Covid,”