IndiGo, SpiceJet rally up to 8% as Go First files for bankruptcy

Shares of InterGlobe Aviation, which runs the country’s largest airline IndiGo, hit a 52-week high of Rs 2,235.95, surging 8 per cent on the BSE in Wednesday’s intra-day trade on the back of heavy volumes after Go First filed for bankruptcy. Shares of Spicejet rallied 6 per cent to Rs 33.25 on the BSE.

Go First commanded a market share of 8.9 per cent in CY22 and sudden disruption in operations is likely to benefit other players and raise airfares due to supply constraints, said Jinesh Joshi – Research Analyst, Prabhudas Lilladher.

The stock price of IndiGo surpassed its previous high of Rs 2,194, touched on February 6, 2023. It had hit a record high of Rs 2,379 on November 16, 2021.