The parent company of IndiGo, InterGlobe Aviation Ltd., announced on Sunday that the Income Tax (I-T) department had fined them Rs 944.20 crore. “For the Assessment Year 2021–2022, the Income Tax Authority has issued an order imposing a penalty of Rs 944.20 crore. The Gurugram-based carrier said in a BSE filing, “The order was made based on a mistaken belief that the Company’s appeal against the Assessment order under Section 143(3) before the Commissioner of Income Tax (Appeals) had been dismissed, even though it is still pending adjudication.”
The injunction, according to IndiGo, is “erroneous and frivolous” in nature and will not significantly affect operations, finances, or other activities.
“The business firmly feels that the Income Tax Authority’s ruling is incorrect, frivolous, and not in compliance with the law. In light of this, the business will challenge the order and pursue the necessary legal action. As a result, the airline added, “the aforementioned order has no appreciable effect on the company’s operations, finances, or other activities.”
IndiGo’s stock ended Friday’s trading session at Rs 5,113, down 0.32%. On a year-to-date (YTD) basis, the scrip has increased 11.36% at this closing price.
Technically, the 5-day, 10-, 20-, 30-, 50-, 100-, 150-, and 200-day simple moving averages (SMAs) were all below the scrip’s trading price. Its relative strength index (RSI) over the last 14 days was 71.22. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70.
The stock’s price-to-book (P/B) ratio is 52.91, while its price-to-equity (P/E) ratio is 32.53. The return on equity (RoE) was 162.65, and the earnings per share (EPS) was 157.19. IndiGo has a one-year beta of 0.9, which indicates moderate volatility, based on Trendlyne data.
