Shares of IndiGo witnessed a decline of 1.5 percent on Wednesday as the airline expressed concerns about potential groundings of more planes due to issues with Pratt & Whitney engines.
The airline, operated by Interglobe Aviation, revealed on Tuesday that it anticipates grounding a significant number of its Airbus fleet, around the “mid-thirties,” due to a powder metal issue.
This announcement followed the recent withdrawal of approximately 40 planes from service due to a separate engine problem. When combined, these groundings could account for nearly a quarter of its total fleet of 334 planes, a substantial portion of which are equipped with Pratt engines.
These challenges arise amidst a period of rapid growth in India’s air travel market.
As of 3:04 pm, IndiGo’s shares were trading 0.29 percent lower at ₹2,578.05, reflecting investor concerns about the potential impact of these groundings on the airline’s operations and overall market position.
