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“The industry has been witness to one of the most severe operating environment in the recent past which impacted the progress and recovery made in Q3 FY22. Record-high ATF prices and depreciating rupee were the major contributors,” Ajay Singh, chairman and managing director, said.
He said the company is “optimistic” about the future and the board has mandated fresh capital issuance. “The company will be shortly engaging with investment bankers for a potential raise of up to $200 million (Rs 1,590 crore).”
Shares of the company fell as much as 14.6%, before paring some losses to trade 6.2% lower at Rs 43.4 apiece.
Of the 10 analysts tracking the company, two maintain a ‘buy’, and four each suggest a ‘hold’ and a ‘sell’, according to Bloomberg data. The 12-month consensus price target implies a 35.6% downside.
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