IndiGo operator InterGlobe Aviation and SpiceJet declined amid reports that the Tatas won their bid for the national carrier
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Aviation stocks fell amid reports that Tata Sons had successfully bid for Air India and an official announcement was imminent.
Tata Sons won the bid for national carrier Air India, according to a Bloomberg report. A panel of ministers accepted the conglomerate’s proposal to take over the airline, according to the report. An official announcement is expected in the coming days.
Also read: Air India Disinvestment LIVE Updates: Tata Sons has likely won the bid, says report
Moneycontrol independently confirmed with officials in the Ministry of Civil Aviation that Tata Sons was the frontrunner for the airline.
“The Tatas have placed the highest bid for Air India,” an official said, adding that an official decision on the stake sale will be taken in the next few days. CNBC TV-18 reported that the government plans to hand over the airline to the new owners by December.
Amid the reports, aviation stocks declined. InterGlobe Aviation, which operates IndiGo, fell 2 percent at 12:27 hours on October 1. SpiceJet and Jet Airways shed half a percent each.
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InterGlobe Aviation traded at Rs 1,982.35, down Rs 39.70, after touching an intraday high of Rs 2,029.00 and an intraday low of Rs 1,970.
SpiceJet traded at Rs 74.70, down Rs 0.45, after climbing to as much as Rs 76.25 and dropping to Rs 74.
IndiGo remains the market leader but rivals may have started catching up. Data from the Directorate General of Civil Aviation suggests that AirAsia India, Vistara and Air India together have a 26 percent share of the domestic aviation market. That’s still lower than IndiGo’s share of 57 percent, according to media reports.