Indigo's health improves, company makes big claim, shares could rocket
In an internal video message to employees, Albers said that on-time performance (OTP) is expected to be 75 percent on Sunday. He added that today we have made further improvements to the system, allowing us to operate approximately 1,650 flights. Following this statement, the company's shares may see a rise on Monday. Last week, the company's shares fell 9 percent.
The health of IndiGo, the country's largest low-cost airline, appears to be improving. The company itself has claimed this. The company said it operated 1,650 flights on Sunday.
The company also claimed that it is slowly but surely returning to normal. Following this statement, the company's shares may see an increase on Monday.
Last week, the company's shares fell by 9%. Let us tell you what the company has said and what kind of story the company's figures are telling in the stock market.
Claims to operate 1650 flights
Peter Elbers, CEO of IndiGo, the country's largest airline, said on Sunday that the airline will operate about 1,650 flights on Sunday and that we are slowly returning to normal.
Hundreds of flight cancellations and delays over the past few days have caused significant inconvenience to thousands of passengers. The country's largest airline operated about 1,500 flights on Saturday and just over 700 on Friday.
75% OTP expected
In an internal video message to employees, Albers said that on-time performance (OTP) is expected to be 75 percent on Sunday. He said that today we have made further improvements in the system, due to which we are able to operate around 1,650 flights.
This video message was released from the airline's operations control center. The CEO said that we are now canceling flights in the first phase itself, so that passengers whose flights are being cancelled do not reach the airport. According to IndiGo, operations have resumed on 137 out of its 138 destinations on December 7.
The company's shares may rise
Following this statement, the company's shares may see a rise on Monday. According to BSE data, Indigo shares closed at ₹5,371.30 on Friday, down 1.22 percent.
The company's shares have already seen a 9 percent decline in the past week. On the last trading day of last month, the company's shares were at ₹5,902.70. On the last trading day of last week, the company's shares had already seen a decline of ₹531.4. According to experts, the company's shares may see an increase on Monday.
Refund of Rs 610 crore
Meanwhile, IndiGo has so far processed refunds worth ₹610 crore for canceled or severely delayed flights. As of Saturday, 3,000 pieces of luggage had been delivered to passengers.
The government stated that the country's aviation network is rapidly returning to normal, and all corrective measures will remain in place until operations are fully stabilized. On Saturday, the government directed airlines to complete ticket refunds for canceled flights by Sunday evening and deliver lost luggage to passengers within the next 48 hours.
The ministry stated that swift and effective steps have been taken to mitigate the disruption caused by IndiGo's recent operational crisis, ensuring no further inconvenience to passengers.
No charge will be taken
The Ministry of Civil Aviation stated in a release that IndiGo has so far processed refunds totaling ₹610 crore. Passengers affected by cancelled flights will not be charged any additional fees for rescheduling their travel.
Special assistance centers have been set up to assist passengers, ensuring prompt resolution of refund and rebooking issues. The Ministry stated that air services across the country are rapidly returning to normal. All other domestic airlines are operating flights smoothly at full capacity, while IndiGo's performance is also steadily improving.