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Interglobe Aviation share price slips over 3% on Citi downgrade

The share touched its 52-week high Rs 1,743.80 and 52-week low Rs 765.05 on November 20, 2020 and March 24, 2020, respectively.

November 26, 2020 / 12:35 PM IST
 
 
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Interglobe Aviation share price slipped over 3 percent intraday on November 26 after research house Citi downgraded the stock to "sell" from neutral but it raised the target price to Rs 1,400 from Rs 1,300 per share.

The stock of the company that operates IndiGo, India's largest airline, has risen 71 percent over the last six months against Nifty’s 43 percent.

The stock rally is adequately priced in the gradual improvement in domestic air traffic and IndiGo’s strong market share gains, Citi said.

However, rally ignores competitors’ ramp-up and weak pricing environment and uncertainty about the sustainability of the strong Q2 drivers, it added.

IndiGo’s market share might have peaked and could trend lower as its peer’s ramp up, said Citi.

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At 1153 hours, Interglobe Aviation was quoting at Rs 1,545.00, down Rs 45.65, or 2.87 percent on the BSE.

The share touched its 52-week high Rs 1,743.80 and 52-week low Rs 765.05 on November 20, 2020 and March 24, 2020, respectively.

It is trading 11.61 percent below its 52-week high and 101.48 percent above its 52-week low.
Moneycontrol News
first published: Nov 26, 2020 12:10 pm

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