November 8, 2017 / 5:44 AM / 4 months ago

BUZZ-India's Interglobe Aviation falls on alleged assault on passenger

** Shares of Interglobe Aviation Ltd, operator of IndiGo airline, fall as much as 4.5 pct to 1,153.80 rupees

** Stock posts biggest intraday percentage drop since Sept 25

** A video allegedly showing security staff of IndiGo manhandling a passenger went viral on Monday, prompting the federal government to launch an investigation into the incident

** IndiGo, which flies about one in every two passengers in the country, said in a statement that it had apologised to the passenger after the incident and has taken action against the staff

** “The stock decline can be seen as nothing more than a knee-jerk reaction to the video,” Vishal Rampuria, an analyst at HDFC Securities said

** Indigo has not been known for such incidents in the past, Rampuria said, adding that while this issue can cause a temporary strain on the company, it would not have a long-lasting impact on shares

** Stock has gained 47 pct this year up to Tuesday’s close

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