By BullScreen Editorial Team 
Shares of InterGlobe Aviation, the parent company of IndiGo, climbed nearly 3 percent in early trade on Wednesday after global brokerages maintained bullish views on the airline despite the sudden resignation of its chief executive. The stock was trading around Rs 4,503 in morning deals, up about 2.8 percent, extending gains after it had already closed 3.4 percent higher at Rs 4,380.4 in the previous session.
Brokerages including HSBC and Jefferies reiterated their ‘buy’ calls on the stock following the leadership change, signaling confidence that the airline’s long-term strategy will remain intact.
HSBC maintained its buy rating with a target price of Rs 5,860 per share. The brokerage noted that CEO Pieter Elbers stepped down citing personal reasons, although operational disruptions faced by the airline in December may have contributed to the decision. HSBC said the management transition is unlikely to alter IndiGo’s strategic direction and expects the company to stay focused on improving operational efficiency.
Jefferies also retained its buy rating with a higher target price of Rs 6,140 per share. The brokerage highlighted that Elbers played an important role in expanding IndiGo’s international network and pushing plans for wide-body aircraft. However, it added that leadership transitions at the airline have historically been smooth due to strong oversight from founder and managing director Rahul Bhatia, who has now taken interim charge as chief executive.
According to Jefferies, investors will now keep a close watch on operational stability, movements in crude oil prices, the upcoming summer flight schedule, and clarity around the appointment of the airline’s next CEO.
The leadership change follows a challenging period for the airline. IndiGo faced major operational disruptions in December after stricter flight duty time limitation rules and crew scheduling issues led to nearly 4,500 flight delays and cancellations across the country.
These challenges also impacted the company’s financial performance. IndiGo reported a 78 percent year-on-year drop in net profit to Rs 550 crore in the third quarter of FY26, while revenue from operations declined 6 percent to Rs 23,472 crore.
The stock has remained volatile in recent weeks. IndiGo shares have fallen more than 9 percent so far this month, underperforming the NIFTY 50, which has declined around 3.7 percent during the same period. Over the past year, the stock is down about 6.1 percent compared with a 7.7 percent gain in the benchmark index.
With a market capitalisation of nearly Rs 1.7 lakh crore, IndiGo continues to hold its position as India’s largest airline by market share.