IndiGo shares fall 5% after more than 500 flight cancellations; SpiceJet slides 8%

Shares of India’s largest airline InterGlobe Aviation fell 5% to an intra-day low of Rs 4,293 on the NSE on Wednesday as the conflict between Iran and Israel intensified. The fall in IndiGo shares reflects concerns over possible revenue losses due to the geopolitical tensions.SpiceJet was hit even harder, falling 8% to an intraday low of Rs 13.95.

The weakness of the rupee, rising crude oil prices and international flight cancellations put airlines at risk of significant losses if the conflict continues.US President Donald Trump has indicated that the war could continue for weeks as both sides have ruled out negotiations.

Shares of the IndiGo operator fell for the fourth straight session, widening losses to 13%.

The airline told exchanges that more than 500 flights to the Middle East and selected international destinations were canceled between February 28 and March 3, 2026, adding that the company is closely monitoring the revenue impact of the crisis.

“In light of the evolving airspace restrictions over Iran and the Middle East, more than 500 flights to the Middle East and select international destinations have been canceled between February 28 and March 3, 2026. We continue to closely monitor the revenue environment arising from this situation,” IndiGo said. “Our operational teams are continuously assessing regional developments, recalibrating flight schedules and planning repatriation operations in coordination with authorities in India and relevant international jurisdictions, with the aim of minimizing disruption to passengers,” the spokesperson said. company added.

The stock has lost 3% over the past year. According to Trendlyne data, IndiGo shares are currently trading below their 50-day and 200-day simple moving averages (SMAs) of Rs 4,904 and Rs 5,481, respectively.

Shares of SpiceJet have fallen 67% in the last twelve months and are also trading below their 50-day and 200-day SMAs of Rs 24 and Rs 33, respectively.

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