InterGlobe Aviation shares down after disappointing Q1 earnings
The stock plummeted 4.67 per cent to Rs 1,627 at the BSE.At NSE, it tumbled 4.59 per cent to Rs 1,626.45.
The stock plummeted 4.67 per cent to Rs 1,627 at the BSE.At NSE, it tumbled 4.59 per cent to Rs 1,626.45.
The second wave of the coronavirus pandemic has hit the sector hard and air traffic has come down.
SEBI had conducted an investigation based on several complaints from Rakesh Gangwal, co-founder and director of Interglobe Aviation.
Accordingly, the company will issue equity shares by way of a qualified institutions placement to raise the fund.
The announcement comes a day after the firm posted its highest ever quarterly net loss at Rs 2,844.3 crore for the first quarter of 2020-21.
The scrip opened at Rs 873.10 and touched an intraday high and low of Rs 942.90 and Rs 873.10 respectively.
Revenue from operations declined 91.9 per cent to Rs 766.7 crore in the quarter under review, compared to the same period a year ago.
Currently, its board has six members, including the Chairman M. Damodaran, the former Sebi chief.
IndiGo, the country's largest airline with over 40 per cent market share, had a profit of Rs 551.6 crore in the year-ago period.
