May 3, 2018 / 4:02 AM / 2 months ago

BUZZ-India's InterGlobe falls most in 22 months as profit plunges

** Shares of InterGlobe Aviation Ltd sink as much as 14.7 pct in their biggest daily pct loss since July 2016

** Stock hits lowest in nearly 3 months

** Owner of top Indian carrier IndiGo says Q4 profit slumped 73 pct to 1.18 bln rupees ($17.70 mln), hurt by higher expenses and surging fuel costs

** Passenger yields fall over 5 pct, InterGlobe said on Wednesday

** Morgan Stanley cuts PT to 1,205 rupees from 1,213 rupees with ‘equal-weight’ rating, building in weaker yields and including spot forex and fuel prices

** Assume that yields are flat in FY 2019 and rise 3 pct in FY 2020 - MS

** Edelweiss Investment Research analysts believe operational challenges with higher fuel prices, rupee depreciation and delay in delivery of aircraft will continue

** Thirteen of 18 brokerages rate stock “buy” or higher, four “hold” and one “sell” or lower; median PT is 1,473 rupees

** Shares have gained about 16 pct in first four months of this year ($1 = 66.6800 Indian rupees)

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