6E turned 17 in July. The Country's number one carrier by numbers celebrated the event in its usual understated manner. CEO Pieter Elbers said: "IndiGo's 17th anniversary is a testament to the unwavering support and trust our customers have placed in us. We take immense pride in these extraordinary achievements and strive to continue redefining the aviation landscape." The airline's inaugural flight was from Delhi to Guwahati on August 4, 2006, and since then it introduced the concept of ramps for boarding and deboarding, launched its first international flight to Dubai in 2011, became the first Indian carrier to operate 1,000 flights a day in 2017, ventured into the Udan scheme in 2018, set a new record of maximum number of 3 lakh customers a day in May 2023, and recorded its largest order book of 500 A320 aircraft in June 2023, bringing the order book close to 1,000 aircraft.
But August was a month full of action for 6E
On August 2, the airline reported recordbreaking quarterly profits for the Q1FY24. This means that IndiGo achieved unprecedented financial performance during that period which should typically lead to positive investor sentiment and potentially result in a rise in the share price.
On August 3, however, the share price of InterGlobe Aviation (IndiGo) experienced a significant decline of over 5 per cent in morning trade on the Bombay Stock Exchange (BSE). Perhaps the main cause of the sudden fall in altitude of the share price has to do with profit booking by investors and speculators.
Also, multiple financial analysts rightly (Pratt & Whitney) engines for testing purposes. This situation has resulted in disruptions to the airline’s services, and there are indications that more planes may need to be grounded in phases to address the issues.
This story is from the September 2023 edition of Cruising Heights.
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This story is from the September 2023 edition of Cruising Heights.
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