“The trade has been witness to one of the extreme working atmosphere within the latest previous which impacted the progress and restoration made in Q3 FY22. File-high ATF costs and depreciating rupee had been the foremost contributors,” Ajay Singh, chairman and managing director, stated.

He stated the corporate is “optimistic” in regards to the future and the board has mandated recent capital issuance. “The corporate can be shortly participating with funding bankers for a possible increase of as much as $200 million (Rs 1,590 crore).”

Shares of the corporate fell as a lot as 14.6%, earlier than paring some losses to commerce 6.2% decrease at Rs 43.four apiece.

Of the 10 analysts monitoring the corporate, two preserve a ‘purchase’, and 4 every recommend a ‘maintain’ and a ‘promote’, in line with Bloomberg knowledge. The 12-month consensus worth goal implies a 35.6% draw back.