In Thursday's trade, shares of the aviation company Interglobe Aviation, fell a huge 18% but later recovered some losses as the company reported a slump in profits to the tune of 73% in the quarter that ended on March 31, 2018. Profits of the company were hit on account of higher expenses and fuel cost and stood at Rs. 118 crore as against Rs. 440 in the corresponding period a year ago.
In line other stocks from the space were also trading lower including Jet Airways and Spicejet. Yesterday the stocks from the basket declined due to IOC's decision to hike aviation turbine fuel by a huge 6.5%.
The company last week informed that its President Aditya Ghosh is set to leave the airline company after his 10-year's long stint. At the same time, SEBI is currently inquiring into a sudden drop in the company's share price just before the news of Ghosh stepping down came in.
Due to in-flight engine failures, the airliner had to cancel a number of its flights in March but as it managed to shift some of the passenger base to other flights it was able to reduce its revenue losses.
At 11:05am , Interglobe aviation shares were quoting lower by 11.53% at Rs. 1192 on the BSE.