Shares of InterGlobe Aviation, the parent company of airline operator IndiGo, slumped over 8 per cent on Monday as flight cancellations and public outrage continued over the weekend. Shares of the company closed at Rs 4,926.

55 on the BSE, down Rs 444. 75 or 8. 28 per cent.

It is now down by 15 per cent since its closing of Rs 5,790. 50 on December 1.

In an advisory on Monday, the Delhi Airport said IndiGo flights may continue to face delays and cancellations. Reports indicate nearly 450 flights have been cancelled on Monday.

The airline operator has been in focus after it failed to adapt to the new Flight Duty Time Limitation regulations, which led to scores of flight cancellations due to a shortage of pilots. The government might also take stringent action on the company and its top executives in the view of this crisis, The Indian Express had earlier reported. Reports of IndiGo’s top officials likely to be summoned by the Parliamentary Committee on Transport, Tourism and Culture, have further added to the pressure.

While Indigo services were apparently hit by Flight Duty Time Limitations (FDTL) norms that were issued in January 2024 and originally meant to be implemented by June 1, 2024, the company failed to adhere to it even as the norms came into effect on November 1, 2025. Meanwhile, a Directorate General of Civil Aviation (DGCA) probe is currently underway on what exactly went wrong that sent Indigo services into a tailspin last week. Given the scale of the disruption, the government and the regulator granted the airline certain temporary exemptions from the new crew rest and duty norms.

But both the DGCA and the Ministry of Civil Aviation (MoCA) have stated that they are going to get to the root of this disruption and take strict regulatory action. This crisis comes at a time when the entire airline industry is under pressure due to rise in aviation turbine fuel (ATF) prices and the weakening of the rupee against the dollar, according to several broking firms.

In this situation, IndiGo needs 20 per cent more pilots per aircraft to comply with the new norms, which could slash its profit before tax by nearly 25 per cent if fares are not raised, according to Investec. Story continues below this ad A weaker rupee increases dollar-linked costs such as aircraft leases, fuel costs, and also affects foreign investments. ATF prices were hiked 5.

4 per cent quarter-on-quarter in December, according to data by Indian Oil Corporation. For the July-September quarter, fuel expenses formed 27 per cent of IndiGo’s total expenses. The carrier could face a significant revenue loss due to the ongoing issues, refunds and other compensations to affected customers, and any penalties imposed by regulators, Moody’s Ratings said in a note on Monday.

Any actions against the company’s top management by the government could also affect the continuity in operations, it added. In July-September, the company had reported a net loss of Rs 2,514 crore, primarily due to foreign exchange losses.

Their foreign exchange losses widened to Rs 2,892 crore from around Rs 247 crore in the year-ago period. A quarter ago, it had turned in a profit of Rs 2,295 crore.

This is much better than peers such as Air India, which has consistently operated with significant losses. While the Tata Sons-owned carrier does not publicly disclose its quarterly results, shareholder Singapore Airlines had said the Indian entity had severely dragged down its profits for the April-September period.

Singapore Airlines holds a 25. 1 per cent stake in Air India. Story continues below this ad Peer SpiceJet’s losses also widened year-on-year to Rs 634 crore in July-September, while its revenue fell 14 per cent to Rs 781 crore.

IndiGo also held cash, equivalents, bank balances of Rs 21,120 crore in its books, compared to SpiceJet’s Rs 213 crore. Most broking firms thus remain positive on IndiGo for the longer term. The company holds the lion’s share of the Indian airline market at 66 per cent as of October.

Air India held a market share of just 26 per cent.