InterGlobe Aviation share price rises 8% after Westbridge Capital buys 5.43% stake

InterGlobe Aviation share price rose in early trade today after  private equity firm Westbridge Capital bought 5.43 million shares or 1.41% stake in the firm.  Share price of InterGlobe Aviation Ltd, which runs India's largest domestic airline IndiGo, gained up to 8.7% to Rs 1116.65 against previous close of Rs 1,034 on BSE.

The stock has gained 18.73% in the last 2 days.  The share trades higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200 day moving averages. The share has lost 26% in one year and fallen 16.52% since the beginning of this year.

However, in a week, the share has gained 17.76%

Total 3.93 crore shares changed hands amounting to turnover of Rs 43.19 crore.

 Market cap of the firm rose to Rs 42,804 crore in early trade.

Share of peer SpiceJet was trading 2.13% higher at Rs 51.30 on BSE.

Westbridge Capital bought equity stake in the firm for Rs 559 crore through an open market transaction.

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In Q1, InterGlobe Aviation reported a net loss of Rs 2,844.3 crore due to disruptions caused by the coronavirus pandemic with the airline pitching for removal of cap on fares. The parent of the country''s largest airline IndiGo had a net profit of Rs 1,203.1 crore in the year-ago period.

In the first quarter of current financial year, the airline''s total income declined 88 per cent to Rs 1,143.8 crore. In the year-ago period, the same stood at Rs 9,786.9 crore, IndiGo said in a release.

Revenue from operations declined 91.9 per cent to Rs 766.7 crore in the quarter under review compared to the same period a year ago.

Meanwhile, Sensex rose 95 points to 38,465 and Nifty gained 37 points to 11,346 in early trade.

Stocks in news: InterGlobe Aviation, Ashok Leyland, Aurobindo Pharma, Indiabulls Housing, Tata Power