IndiGo says economic slowdown has hit travel demand

Budget carrier IndiGo on Thursday said that the economic slowdown has impacted the travel demand during the ongoing festival.
CEO Ronojoy Dutta said airlines are resorting to flash sales to increase their cash flows.

“Looking at the Diwali experience, the softness in demand is an economic issue. July and August were strong months since Jet Airways went out of the market. The weakness started in September which could have been a seasonal thing. But the situation hasn’t improved in October. Two of our competitors came out with sales in October which is unusual during the festival season,” Dutta said on the post-earnings call.