11 Mar , 2026 By : Debdeep Gupta
Shares of InterGlobe Aviation, the operator of IndiGo, rose as much as 3 percent in early trade on Wednesday as brokerages retained bullish views on the stock despite the sudden resignation of chief executive Pieter Elbers. IndiGo stock was trading at Rs 4,503, up 2.8 percent in early morning trade. The gains came after the stock had closed 3.4 percent higher at Rs 4,380.4 in the previous session, recovering from recent losses.
Brokerages including HSBC and Jefferies maintained ‘buy’ ratings on the stock following the leadership change, indicating that they do not expect any strategic shift at the airline.
HSBC has a buy call on IndiGo stock with a target price of Rs 5,860 per share, noting that Elbers stepped down citing personal reasons and that the incidents affecting operations in December may have played a role in the leadership change. The brokerage said the transition is unlikely to alter the company’s strategic direction. It expects the airline to remain focused on improving operational efficiency.
Jefferies also retained its buy rating with a target price of Rs 6,140 per share. The brokerage highlighted that Elbers had played a key role in expanding IndiGo’s international operations and initiating wide-body aircraft plans.
However, Jefferies said leadership transitions at the airline have historically been smooth due to oversight from founder and managing director Rahul Bhatia, who has now taken interim charge as chief executive. The brokerage said investors will closely track operational stability, crude oil prices, the upcoming summer flight schedule, and clarity on the next CEO appointment.
The leadership change comes after a turbulent period for the airline. IndiGo faced a major operational disruption in December following stricter flight duty time limitation rules and crew scheduling issues, which led to around 4,500 flight delays and cancellations across the country.
The operational challenges also weighed on the airline’s financial performance. IndiGo’s net profit for Q3 FY26 fell 78 percent year on year to Rs 550 crore, while revenue from operations declined 6 percent to Rs 23,472 crore.
The stock has been volatile in recent sessions. It has fallen more than 9 percent this month, underperforming the NIFTY 50, which has declined about 3.7 percent during March so far. Over the past one year, IndiGo shares are down about 6.1 percent, compared with a 7.7 percent gain in the benchmark index.
With a market capitalisation of around Rs 1.7 lakh crore, IndiGo remains India’s largest airline by market share.
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