InterGlobe and SpiceJet slide after aviation authorities slap them with fines for these reasons

Stocks of InterGlobe, the parent company of IndiGo, SpiceJet, and Adani Enterprises, which runs Mumbai International Airport Ltd, were trading lower on BSE on Thursday (January 18, 2023) after aviation authorities penalised them for failing to meet security norms and other reasons.

While the Bureau of Civil Aviation Security fined IndiGo for a heavy penalty of Rs 1.20 crore for violating security norms by letting its passengers sit and eat on Mumbai airport's apron.

Mumbai International Airport Ltd, which is run by Adani Enterprises, has been slapped with a fine of Rs 60 lakh by BCAS and Rs 30 lakh by Directorate General of Civil Aviation (DDCA).

The Civil Aviation ministry also fined SpiceJet for Rs 30 lakh for not deploying CAT III-trained pilots on flights to Delhi during foggy conditions in December.  

Here's how InterGlobe Aviation, Adani Enterprises and SpiceJet are faring on BSE after aviation authorities' fines.

InterGlobe Aviation

A day after hitting a 52-week high of Rs 3131.95, the stock of the airline was trading lower by 0.77 per cent, or Rs 23.55, at Rs 3034.50, at 11:24 am. 

Adani Enterprises

The stock of the Adani firm is trading lower by 1.57 per cent, or Rs 46.70, at Rs 2924.05 in the morning session on Thursday.

The company on Wednesday also informed bourses that AMG Media Networks Limited (“AMNL”), a wholly owned subsidiary of the company, had increased its stake in IANS India Private Limited (“IANS”), by subscribing to fresh shares issued by IANS. 

SpiceJet 

The airline's stock was trading down by 0.96 per cent, or Rs 0.62, at Rs 63.77 in morning deals on Thursday.

The airline on Tuesday also announced non-stop flights connecting Ayodhya with Mumbai, Bengaluru and Chennai.