IndiGo, India’s largest airline, had a really good Wednesday on the stock market. The airline’s stock closed 2.63% higher than its previous close. On Tuesday, IndiGo’s stock had closed at Rs 2035 but opened at Rs 2057 on Wednesday. The airline’s shares closed at Rs 2089 (2.63% in the green) on Wednesday, which is a good thing and shows that the investor confidence from the airline sector hasn’t gone yet. IndiGo’s stock also touched upwards of Rs 2100 on Wednesday before closing at Rs 2089.
SpiceJet Had a Relatively Weak Wednesday
SpiceJet, another low-budget airline and a fierce competitor of IndiGo, saw its stock closing at Rs 63.70 on Wednesday, which was 0.47% in the red compared to its previous close of Rs 64 on Tuesday. SpiceJet’s stock touched a high of Rs 64.45 on Wednesday and, compared to the performance of IndiGo, was relatively stale throughout.
IndiGo’s stock is going up even though the number of COVID-19 cases in India is increasing every day. More and more people are getting infected from the Omicron variant of the virus, which is said to be more transmissible. The travel and tourism industry along with the airlines would be very nervous for the next few months as any lethal outbreak of the virus would again flatline the sector’s growth.
