Mumbai: Shares of IndiGo and SpiceJet fell sharply on Thursday after news of a crash involving an Air India flight at Ahmedabad airport. The fall in these airline stocks happened during a tough trading day.
According to the Gujarat State Police Control Room, an Air India plane crashed during takeoff at the Sardar Vallabhbhai Patel International Airport in Ahmedabad. The news was still developing during market hours. No detailed updates were available immediately.
Soon after the report, shares of IndiGo dropped 3.4 percent during the day to a low of Rs 5,437.50 on the NSE. SpiceJet shares also went down by 2.6 percent to Rs 44.30.
The overall market was already under pressure. Global tensions, especially in the Middle East, and caution ahead of the F&O expiry added to the negative mood. The Sensex dropped by over 900 points and touched a low of 81,605.82. The Nifty also fell nearly 250 points and slipped below the 24,900 mark.
IT stocks were the biggest losers in Thursday’s trade. Due to this broad sell-off, the total market value of all companies listed on the BSE dropped by Rs 4.19 lakh crore. The new total market cap stood at Rs 451 lakh crore.
Before this drop, InterGlobe Aviation, the parent company of IndiGo, had reported strong results. Its profit for Q4FY25 rose 62 percent year-on-year to Rs 3,067 crore. The company also announced a dividend of Rs 10 per share, subject to approval at its upcoming Annual General Meeting (AGM). The dividend will be paid within 30 days after the AGM.
SpiceJet is yet to report its financial results. Its Board of Directors will meet on June 13, 2025 (Friday) to consider and approve the audited results for Q4 and FY25.
The sharp drop in airline stocks reflects investor concern after the crash. Along with poor market conditions, this made Thursday a difficult day for aviation stocks and the broader market.
