Budget carrier IndiGo’s parent InterGlobe Aviation’s stock tanks over 11% after weak Q1 earnings

New Delhi: Shares of InterGlobe Aviation, which runs largest domestic carrier IndiGo, on Tuesday plunged over 11 percent to hit its one-year low after the company reported a steep 96.6 percent fall in net profit in June quarter. The stock after making a weak opening further slumped 11.26 percent to Rs 891.10 - its 52-week low - on BSE. [caption id=“attachment_4693611” align=“alignnone” width=“380”] File image of an IndoGo plane. Reuters.[/caption] At NSE, shares of the company tanked 11.39 percent to hit its one-year low of Rs 890.55. InterGlobe Aviation on Monday reported a steep 96.6 percent fall in net profit to Rs 27.8 crore in June quarter, owing to the adverse impact of foreign exchange, high fuel prices, lower yields and higher maintenance cost. The Gurugram-based budget carrier had posted a net profit of Rs 811.10 crore in the same quarter last year. However, sales from operations rose 13.2 percent to Rs 651.20 crore in the quarter, compared with Rs 575.29 crore in the year-ago period.