InterGlobe walks away from Air India
Budget airline operator, InterGlobe Aviation has clarified that it is no longer interested in participating in the divestiture process of Air India.
As the government wants to keep the national flag carrier as a whole, while InterGlobe is interested only in international operations of Air India, the company has decided to stop pursuing the deal. The company informed this in response to investor queries regarding the same.
During the week, the stock was buzzing on back of news reports that the Indigo Airline operator has the financial wherewithal to bid solo for Air India and would not need to be part of a consortium to qualify for the bidding. However, the company stated that it does not have the capability of bringing about a turn around and making operations of Air India profitable.
Meanwhile, in the early hours of trade on Friday the stock of InterGlobe was witnessing a trend reversal despite hitting a new 52 week high of Rs. 1,460.00 in opening minutes of trade. The stock has fallen after 4 consecutive days of gain.
At 10:06 hours, the stock of InterGlobe Aviation was quoting Rs. 1,444.60, down 0.28 per cent. The benchmark index BSE Sensex was at 33,568.92, down 27.88 points or 0.08 per cent.