July 31, 2018 / 4:21 AM / 3 months ago

BUZZ-India's InterGlobe Aviation sinks on weak June-qtr results

** Shares of InterGlobe Aviation Ltd plunge as much as 11.4 pct to 890.55 rupees, their biggest fall since March 2017

** Co posted a 97 pct fall in June-qtr net profit, hurt by fuel costs and forex losses

** Co, which operates India’s biggest airline IndiGo, says profit impacted by pressure on yields, higher maintenance costs

** More than 2.3 mln shares changed hands in first 20 mins of trade, more than 30-day moving avg of around 1 mln shares

** Elara Capital lowers PT to 1,388 rupees from 1,606 rupees with a “buy” rating; Expect’s IndiGo’s pricing power would return gradually during FY19 due to rising industry passenger load factor (PLF)

** Of 19 brokerages covering stock, eight have “buy” or higher rating, seven have “hold” while four have “sell” or lower

** Up to Monday’s close, stock had fallen 16.6 pct this year compared with rivals Jet Airways (India) 61.7 pct fall and SpiceJet Ltd 28.1 pct slide

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