IndiGo shares gain most since 2016 on $30-bn Airbus aircraft order
Indian budget airline IndiGo headed for its biggest gain in more than three years after placing a blockbuster order with Airbus SE worth over $30 billion at sticker prices.
Shares of IndiGo’s operator InterGlobe Aviation Ltd. surged more than 8% in Mumbai, in line for their best daily advance since early 2016. The stock is still below a record high of 1,898.85 rupees ($26.76) hit on Sept. 30, after slipping through October.
IndiGo’s order for 300 jets from the A320neo family, including the XLR long-range variant, sets it up for a sustained expansion and could help consolidate its lead in India, the world’s fastest-growing major aviation market last year. Asia’s biggest budget carrier by market value has ordered more than 800 Airbus jets in the past 15 years as it embarks on an ambitious overseas expansion.
