MUMBAI: Shares of InterGlobe Aviation, the parent company of IndiGo Airlines, fell sharply in early trade on Monday, dropping 6.6 per cent to an intra-day low of Rs 5, 015 on the BSE.
However, it recovered later as around 9:45 a.m., the shares were trading at Rs 5, 159.50, down by Rs 211 or 3.93 per cent.
The sell-off came after the Directorate General of Civil Aviation (DGCA) extended the deadline for IndiGo CEO Pieter Elbers to respond to a show-cause notice linked to the airline’s recent operational disruptions.
The aviation regulator had issued a show-cause notice to IndiGo’s accountable manager on Sunday, just a day after sending a similar notice to CEO Pieter Elbers.