Business
Rs 70k to Bengaluru but Rs 25k to London: Airfares explode amid massive IndiGo crisis; flyers rush for options – The Times of India
Skip Bengaluru. Take a trip to Thailand instead. Or Vietnam. Or London. Or even Singapore. All at a much much much cheaper rate than Delhi to Bengaluru, Goa, Pune or Goa. But you cannot travel to Hyderabad, at least not on Friday, because the tickets are sold out. Ironically, IndiGo flight tickets are available.The situation arose amid IndiGo’s massive operational chaos which has led to the cancellations of hundreds of flights and widespread distress for travellers at airports nationwide. On Friday, the airlines cancelled all departures from Delhi till midnight.
According to the DGCA, IndiGo acknowledged that it had severely miscalculated the number of pilots needed to operate its existing schedule under the new crew duty regulations.The flight ticket fares on Friday for Bengaluru, Pune, Lucknow and Goa, which usually ranges 10k-15k, depending upon the demand and the festival factors, stood at an average of 25k-30k.
70k for a Delhi-Bengaluru ticket?
A travel portal recently showed the fastest December 5 Delhi connection on Air India at around Rs 70,000 before it sold out; even after the price dipped to roughly Rs 32,000, it remained far above the usual Rs 10,000–15,000 range for that sector. And it’s just a one-way fare.The trend extended across domestic routes: the quickest Delhi–Goa Air India option was priced above Rs 56,000, Delhi–Pune fares were between Rs 30,000 and Rs 40,000, and Delhi–Lucknow tickets crossed Rs 20,000 on Air India Express, with IndiGo selling seats between Rs 9,000 and Rs 17,000.In sharp contrast, international routes appeared far more affordable. Delhi–London fares on Air India began just above Rs 25,000, while Lufthansa and Swiss were priced below Rs 70,000.Taking potshots at the situation, a social media user named Rocky Singh suggested going to Tokyo or New York instead of Bengaluru, given the fare situation.“Going to Bengaluru from Delhi on Air India ? DONT Go to New York or London Or Tokyo instead …. It’s cheaper,” he said.From Delhi to Thailand, Thai Lion Air offered tickets under Rs 10,000, SpiceJet stayed below Rs 15,000, and Air India remained under Rs 25,000. Delhi–Vietnam fares were under Rs 15,000 on Air India and around Rs 25,000 on Thai AirAsia X.“You get food poisoning, I will kill my grandmother,” said Vijaya Srivastava, a 25-year-old news writer, when asked about going to Thailand, given the fares for the day. Even Delhi–Singapore flights were cheaper, with Thai Lion Air under Rs 20,000, Batik Air around Rs 20,000, and Air India at about Rs 30,000.A flyer expressed concern over the situation over “Jodhpur to Bangalore Air India flight 1 lakh rupees”. “This is so unfair of airlines taking advantage of current situation,” Ankita said in a post on X.
IndiGo too nonchalant about it?
While the chaos has been caused by the IndiGo itself, the flyers cited lax management mechanism on the part of the airlines. “Flight radar was more credible source to find the flight status than the website itself,” said a flyer from Delhi, who faced a 7-8 hours delay for Bengaluru flight.Describing the 5am chaos, he said that “every departure gate was crowded with angry passengers who had been waiting from 6 to 8 hours.” There’s no option to cancel as the ticket fares are 3-4 times, so people just prefer to wait.,” he said.Another flyer from Ranchi noted ill management of takeoffs and landings saying, “Passengers had to wait for two hours inside the flight at Delhi airport as the bay area not empty.” “As tempers flared and some travellers began confronting the crew, the pilot said, ‘We are just as helpless as you are,” he said. “I can park the aircraft and offload only when we receive permission’,” the flyer recalled.“Indigo @IndiGo6E ‘s website has no mention whatever of the chaos, and still allows you to book, even for tomorrow between Bengaluru and Hyderabad (which I picked as two of the worst-hit airports). Shouldn’t they be prioritising moving stranded passengers across the country?” a user named Rahul Siddharthan said on X.“And Indigo is still selling tickets with huge margins. Hyd- Blore tickets normally Rs. 3000/- to Rs.4000/- being sold on their App for Rs.11,000/- plus. Even though they know their flights are being cancelled. This called “Make Hay while the sun shine,” another user, posting the screenshot said.
‘Monopoly’ concerns spark row
Leader of opposition in Lok Sabha Rahul Gandhi flagged the “govt’s monopoly model” saying that “it’s ordinary Indians who pay the price – in delays, cancellations and helplessness.”He called for a “fair competition in every sector, not match-fixing monopolies.”“IndiGo fiasco is the cost of this Govt’s monopoly model. Once again, it’s ordinary Indians who pay the price – in delays, cancellations and helplessness. India deserves fair competition in every sector, not match-fixing monopolies,” he said.Shiv Sena (UBT) MP Priyanka Chaturvedi took on the government calling out to “shut down the civil aviation ministry”.“I have submitted a calling attention. I was hoping that the civil aviation minister would give information in the Parliament yesterday itself, but unfortunately, that did not happen yesterday. He held a meeting late in the night and issued some directives, but what is the point of directives if so many flights are still being cancelled? If you are not responsible for rising airfares and passenger grievances, then shut down the Civil Aviation Ministry,” she said.
Business
Stellantis stock off 43% as Jeep maker turns five, executes turnaround
Stellantis North America COO and Jeep CEO Antonio Filosa speaks during the Stellantis press conference at the Automobility LA 2024 car show at Los Angeles Convention Center in Los Angeles, California, November 21, 2024.
Etienne Laurent | AFP | Getty Images
DETROIT — Five years after the transatlantic automaker Stellantis was formed through a merger, the business hasn’t necessarily panned out as investors hoped.
U.S. shares of the company — created through a $52 billion combination of Italian American automaker Fiat Chrysler and France-based Groupe PSA on Jan. 16, 2021 — are down roughly 43% in the past five years. Italian-listed shares also are off roughly 40%.
Since the combined company’s stock debuted on the New York Stock Exchange on Jan. 19, 2021, days after the merger was completed, shares of the automaker were largely in the black — up as high as 74% in March 2024 — until Stellantis reported troubling financial results that year amid cost-cutting efforts meant to support higher profits and its multibillion-dollar push into electric vehicles.
Many of those plans are being altered or eliminated under new Stellantis CEO Antonio Filosa, who succeeded Carlos Tavares last summer. Tavares, a longtime automotive executive, was largely credited with forming the company, but abruptly left Stellantis in December 2024.
Stellantis shares listed in the U.S. and Italy.
Filosa is executing a sales turnaround plan for the automaker and is particularly focused on its Jeep and Ram brands regaining U.S. market share following yearslong sales declines.
“The strategy that we have in front of us is a strong one and will lead us to growth if we execute well,” he told reporters Wednesday during the Detroit Auto Show. “So, I believe it’s a year of execution.”
Filosa did not rule out the possibility of regionally refocusing or shrinking the company’s vast portfolio of brands that also includes Italian nameplates Fiat and Alfa Romeo, which have not performed well domestically.
He said he believes the company should “stay together” following some speculation, including from Tavares, that it would be better to sell off assets or brands.
Filosa said the next step in the company’s plans will come during a meeting this month with more than 200 company executives that will focus on an upcoming capital markets day as well as company culture and 2026 execution.
PSA CEO Carlos Tavares and FCA CEO Mike Manley shake hands after signing a combination agreement that will lead to the creation of the world’s fourth-largest global automaker in terms of annual sales (8.7 million vehicles).
FCA
Investors have been eager to hear a new strategy for Stellantis after Tavares’ exit. He left amid troubling sales and financial results as the company strived to achieve 10% or greater profit margins and doubling net revenues under his “Dare Forward 2030” business plan.
U.S. shares of Stellantis since Filosa began as CEO on June 23 are up 2%. They closed Friday at $9.60 per share, down 4.2%.
Filosa this week declined to discuss the company’s past mistakes, but company executives previously told CNBC that Tavares’ fixation on cost reductions and profits hurt business, as well as the company’s products, employees and relationships with suppliers, unions and dealers.
Filosa has spent much of his time attempting to repair those bonds, especially with the company’s distraught U.S. franchised retailers. He’s also approved drastic changes to the company’s product plans, including reducing prices and reprioritizing products away from electrified vehicles.
“In the six months, I see the changes that we will make we need to make to create the bright future that we need,” he said regarding his tenure thus far as CEO.
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Business
IMF Raises India’s 2025 Growth To 7.3%
Washington: The International Monetary Fund on Monday raised India’s economic growth projection for 2025 by a sharp 0.7 percentage point to 7.3 per cent, citing stronger-than-expected performance in the second half of the year, even as it expects growth to moderate in the coming years.
In its World Economic Outlook Update, the IMF said the upward revision reflects a “better-than-expected outturn in the third quarter of the year and strong momentum in the fourth quarter,” underscoring India’s position as one of the fastest-growing major economies in the world.
The IMF projected that India’s growth would ease to 6.4 per cent in 2026 and 2027 as cyclical and temporary factors wane.
Despite the expected moderation, India remains a key driver of growth among emerging market and developing economies, which the IMF said are projected to expand at just over 4 per cent in 2026 and 2027.
Emerging and developing Asia continues to benefit from strong technology-related investment and trade, even as global momentum becomes uneven.
The update noted that global growth is projected to hold steady at 3.3 per cent in 2026, supported by easing trade tensions, accommodative financial conditions and a surge in investment linked to technology, particularly artificial intelligence.
Inflation trends were also favourable for India. The IMF said inflation in India “is expected to go back to near target levels after a marked decline in 2025, driven by subdued food prices,” offering additional support to domestic demand.
However, the IMF cautioned that risks to the outlook remain tilted to the downside. A reassessment of expectations around AI-driven productivity gains could lead to a pullback in investment and tighter global financial conditions, with spillover effects for emerging economies.
On the upside, the Fund said faster adoption of artificial intelligence could lift global growth, provided productivity gains materialise, and financial risks are contained.
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