IndiGo's 27% Stock Rally Makes It World's Third Largest Airline By Market Cap
On Wednesday, India's largest airline surpassed Southwest Airlines, to become the third largest air service in the world.
InterGlobe Aviation Ltd., the operator of IndiGo, has become the third largest airline in terms of market capitalisation globally. The company's market cap reached a total value of $17.5 billion, aided by a 27.42% rally in the present year. Share price of the airline reached a life-time high of Rs 3,812.85 apiece intraday, advancing 4.92%.
On Wednesday, India's largest airline surpassed Southwest Airline Co. to become the third largest air service in the world. Data shows that Delta Airline Co. and Ryanair Holdings are the top two airlines, with market cap of $30.4 billion and $26.9 billion, respectively.
The low-cost carrier IndiGo announced new flight services from Kolkata to Srinagar and Jammu, as part of its new domestic route connections in the upcoming summer schedule.
The flight service will commence from April 10 and April 21, respectively. It will operate direct flights for Kolkata-Srinagar-Kolkata daily, while for the Kolkata-Jammu-Kolkata route, it will have direct flights on the first, third and fifth Sundays.
IndiGo has also announced a new connecting flight between Kolkata and Jammu via Srinagar from April 10.
In March, co-founder of IndiGo Rakesh Gangwal sold 5.83% stake—or 2.25 crore shares—for Rs 6,785 crore through open market transactions.
The promoter had 11.72% shareholding in the airline as of December 2023.
On Wednesday, the stock closed up 4.73% at Rs 3,806 apiece, as compared with a 0.49% rise in the NSE Nifty 50.
