Shares of InterGlobe Aviation, which operates IndiGo, plunged after the government signalled it will penalise India’s largest airline after mass flight cancellations last week caused one of the country’s worst air disruptions.
The stock dropped as much as 9.8 per cent on Monday, its biggest plunge in more than a year, and marked a seventh day of selling that has cumulatively cut $4.8 billion from the company’s market value.
The Narendra Modi government’s statement follows local aviation regulator’s demand over the weekend that its chief executive, Pieter Elbers, explain what lead to the fiasco.
IndiGo is facing increasing pressure for the mass cancellations that left thousands
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