Not too long ago, IndiGo was flying high. Flights were packed. The airline was expanding rapidly. Aircraft orders were hitting record levels. The story around IndiGo was simple: it was the strongest symbol of India’s booming aviation market. Fast-forward to now, and the mood has clearly shifted. IndiGo hasn’t collapsed, but it’s struggling to stay airborne, and in doing so, it’s revealing the growing stress across Indian aviation.

The buying activity was dominated by State Bank of India's record ₹10,520 crore purchase and on the sell side travel and hospitality stocks faced the largest redemptions. IndiGo Aviation's ₹2,378 crore sale and Eternal Limited's ₹1,602 crore divestment