IndiGo, SpiceJet stocks soar on consolidation hope and new planes. But are the valuations justified?

Abhimanyu Bhatia bought shares of India’s largest airline, IndiGo, when it first went public five years ago. When the stock crashed in March 2020 on the back of a raging pandemic that grounded global travel, he wanted to buy more.But such was the news flow that even he did not have the courage to dip in despite IndiGo’s shares crashing to the same levels as its initial public offering of INR765. Instead, Bhatia, who is always present at the