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    IndiGo shares hit by flight delays

    Synopsis

    More than half of IndiGo’s flights were delayed on Saturday as a large chunk of its staff stayed away from work – allegedly to attend a recruitment drive of rival airlines – inconveniencing scores of passengers.

    IndiGo shares hit by flight delaysAgencies
    Shares of Interglobe Aviation, which operates IndiGo, took a beating on Monday after major flight delays during the weekend as a large number of its crew stayed away from work.

    The stock price of India's biggest airline by market share was down 3.3% at Rs 1,595 during early trading on the Bombay Stock Exchange, underperforming the Sensex which was slightly up.

    The stock recuperated its loss in the afternoon and was trading 1.21% down at Rs 1631.

    More than half of IndiGo’s flights were delayed on Saturday as a large chunk of its staff stayed away from work – allegedly to attend a recruitment drive of rival airlines – inconveniencing scores of passengers.

    The on-time flight performance of India’s biggest carrier by market share, dropped to around 45.2% on Saturday, according to data on the website of the aviation ministry, from 80% earlier in the week. Its rivals’ on-time performance on the same day ranged between 77% (Air India) to 92.3% (AirAsia India).

    A large number of IndiGo staff called in sick as they were attending a recruitment drive of a “rival airline”, a person aware of the development told ET. He did not elaborate.

    IndiGo operates about 1,500 domestic flights. The country’s aviation regulator will investigate the delays.

    “We have noted the development and have sought a report from the airline concerned,” an official at the Directorate General of Civil Aviation (DGCA) said on Sunday.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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