IndiGo shares drop 5% on 500+ flight cancellations; SpiceJet slides 8%

Shares of India’s largest airline, InterGlobe Aviation, fell 5% to a day’s low of Rs 4,293 on the NSE on Wednesday, as the Iran-Israel conflict intensified. The decline in IndiGo shares reflects concerns over potential revenue losses amid the geopolitical tension.

SpiceJet was hit even harder, plunging 8% to a day’s low of Rs 13.95.

With rupee weakness, soaring crude prices, and cancellations of international flights, airline companies face the 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.

The IndiGo operator’s shares fell for the fourth consecutive session, extending losses to 13%.

The airline informed exchanges that more than 500 flights to the Middle East and select international destinations were cancelled between February 28 and March 3, 2026, adding that the company is closely monitoring the revenue impact of the crisis.
“In view 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 cancelled 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 objective of minimizing disruption to passengers,” the company added.

The stock has lost 3% over the past year. 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, according to Trendlyne data.

SpiceJet shares have fallen 67% in the past 12 months and are also trading below their 50-day and 200-day SMAs of Rs 24 and Rs 33, respectively.

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