IndiGo shares fall on CCI probe trigger; here's what analysts advise

Shares of InterGlobe Aviation Ltd, the parent company of IndiGo, slipped 0.60 per cent on Thursday to close at Rs 4,933.95. At the current level, the stock is down 14.65 per cent over the past six months.

The airline issued a clarification over an exchange query regarding a probe initiated by the fair trade regulator CCI. "This is to inform that the Competition Commission of India (CCI) has issued a prima facie order dated February 4, 2026, under Section 26(1) of the Competition Act, 2002 (Act), directing the CCI’s Director General (DG) to initiate an investigation against the Company (Order). The Order is available on the website of the CCI at Competition Commission of India, Government of India. This Order is a prima facie order to initiate an investigation. The Company is currently reviewing the Order and will take appropriate recourse upon review of the Order in detail," IndiGo stated.

On the earnings front, the country's largest airline reported a sharp 77.6 per cent year-on-year (YoY) decline in net profit at Rs 549.1 crore for the December 2025 quarter (Q3 FY26). Revenue, however, rose 6.2 per cent YoY to Rs 23,471.9 crore during the quarter.

The profit decline was primarily due to exceptional costs, including Rs 577 crore related to flight disruptions in December 2025 and Rs 969 crore towards the implementation of new labour codes.

Despite near-term volatility, some analysts remain cautiously optimistic on the stock. "One should hold on to the IndiGo stock and consider fresh buying on dips with a medium- to long-term view," said Kranthi Bathini, Equity Strategist at WealthMills Securities.

From a technical perspective, support on the counter is seen in the Rs 4,780–4,550 range. "IndiGo has been volatile from past couple of sessions with whipsaw moves on both sides. There has been a positive divergence, which construes a robust development for the counter. On levels front, Rs 4,700–4,550 is anticipated to provide cushion to the counter, and a sustained move beyond Rs 5,000 is likely to trigger fresh longs in the counter in the near period," said Osho Krishan, Senior Analyst – Technical & Derivative Research at Angel One.

According to AR Ramachandran, part-time Sebi-registered research analyst at Tips2trades, "The stock slightly bullish on daily charts with strong support at Rs 4,780. A daily close above the resistance of Rs 5,007 could lead to a target of Rs 5,351 in the near term."

Jigar S Patel, Senior Manager – Technical Research at Anand Rathi, said support for the stock is seen at Rs 4,600, while resistance is placed at Rs 4,800. He added that a decisive move above Rs 4,800 could push the stock towards Rs 5,200, with the expected short-term trading range pegged between Rs 4,600 and Rs 5,200.