IndiGo parent InterGlobe Aviation shares jump almost 9% amid rally
Business
IndiGo's parent company, InterGlobe Aviation, saw its shares jump almost 9% on Wednesday, reaching ₹4,272.20. This boost came as aviation stocks rallied overall.
SpiceJet also saw a lift, rising over 4%.
Willie Walsh appointment, fuel price clarity
Two big reasons: First, Willie Walsh was named CEO, and his strong track record in aviation has made investors feel optimistic about IndiGo's direction.
Second, worries about a massive hike in aviation fuel prices were cleared up. It turns out only chartered flights will see those steep increases.
For regular airlines like IndiGo and SpiceJet, fuel costs did go up by 8.5%, but that was much less than feared and helped calm nerves in the market.