IndiGo shares plunge 5% despite strong Q1. Is it staring at turbulence en route Q2?
Interglobe Aviation, which operates IndiGo, saw its share plunge over 5% on the NSE on Thursday as several top brokerages raised doubts over the airline’s ability to replicate its June quarter performance going ahead. The stock fell to the day’s low of Rs 2,430.10, with nearly 24.41 lakh shares changing hands around 12 pm.
Following the Q1 earnings posted by IndiGo on Wednesday, Morgan Stanley slashed its target on the stock while domestic brokerage Incred suggested a ‘Reduce’. Among other prominent brokerages, Motilal Oswal preferred to remain ‘Neutral’. However, Nuvama remained most bullish, recommending a ‘Buy’ with an upgrade in the price target.
