IndiGo posts biggest single-day gain in 16 months
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Mumbai: Shares of InterGlobe Aviation, parent of IndiGo, jumped over 4% - the highest single-day gain in 16 months - after the Directorate General of Civil Aviation's penalty on the airline for the mass flight cancellations in December was considered lower than what investors expected. The stock closed 4.2% higher at ₹4,937- emerging as the top gainer on the Nifty on Monday. Benchmark Nifty declined 0.4%. This is IndiGo's biggest advance in a day since August 2024. "The DGCA's penalty at ₹22 crore was much lower anticipated, which prompted investors to buy," said Sunny Agrawal, head of Fundamental Research at SBI Securities. He said Indigo has lowered operational capacity to comply with the regulations. In early December, the airline cancelled several flights, exacerbated by the implementation of a time limit for crew and grounding of A320 fleet due to software glitches. The disruptions drew criticism as thousands ...