By Shishir Prashant 
PrashantNews
Amid Indigo’s nationwide operational disruption, the shares of Spicejet continued to surge for the third consecutive day on Tuesday but the InterGlobe Aviation also rebounded at the fag end of the closing bell even as the Sensex fell sharply by 436 point to close at 84,666.28.
InterGlobe Aviation shares fell further on Tuesday morning extending the heavy decline sparked by IndiGo’s nationwide operational disruption. The stock slipped another 1.5 percent to Rs 4,850 in the morning trade, following a sharp 8 percent fall on Monday that dragged it to a multi-month low and pushed its market capitalisation below Rs 2 lakh crore.
However, Indigo stock recovered in the afternoon and closed in the green at 4990.75 up by 64.20 (+1.30%) mainly with a hope that the company is likely to restore its operations in coming days.
IndiGo (InterGlobe Aviation) stock had fallen for seven consecutive sessions, losing about 17 percent over the previous seven days and erasing nearly Rs 40,000 crore in market value. Brokerages have turned cautious, with some trimming target prices as the scale of the disruption and its financial implications become clearer.
But experts said the stock failed to decline further due to its strong position in the market. “In normal circumstances, any stock facing deep crisis like that of Indigo should have fallen 30-50 percent in seven consecutive sessions. But Indigo’s shares fell only 17 percent which is surprising,” said an expert in the market.
The airline’s crisis continued to weigh on sentiment after IndiGo cancelled more than 2,000 domestic and international flights over six days, triggering wide-ranging chaos at major airports. Delhi airport reiterated on Monday that schedules remain unstable, urging passengers to verify flight status before travelling.
Regulatory pressure intensified as the Directorate General of Civil Aviation (DGCA) pressed IndiGo for a detailed explanation of the large-scale disruptions. A show-cause notice issued on December 6 accused CEO Pieter Elbers of “significant lapses in planning, oversight and resource management” and insufficient preparation for the revised Flight Duty Time Limitation (FDTL) norms.
A sharp crew shortage — particularly among pilots — has become the most visible stress point after the new FDTL norms mandated longer rest periods and stricter rosters. IndiGo has struggled to recalibrate its extensive point-to-point network to comply with the updated rules, contributing to cancellations, delays, and mounting passenger complaints.
Meanwhile, the shares of SpiceJet took off for the third consecutive trading session on Tuesday, December 9, surging to 34.31 up by 1.81 (+5.57%) on BSE amid the ongoing IndiGo crisis.
The aviation stock of this low-cost passenger carrier has gained over 15% in the past three trading sessions buoyed by several factors mainly the addition of two Boeing 737 aircraft to its fleet. The new aircraft addition to the SpiceJet family began commercial operations on November 26, and November 29. The flights are deployed on priority routes such as Ahmedabad-Dubai and Ahmedabad-Kolkata, and Delhi-Bangkok.