IndiGo posts first loss as costs soar

Leading Indian airline IndiGo reported its first quarterly loss as a listed company Wednesday as rising oil costs and a weak rupee erode the profitability of India's carriers.

IndiGo, India's largest airline by market share, posted a loss of 6.52 billion rupees ($89.07 million) for the three months ending September, it said in a filing to the Bombay Stock Exchange.

That compared with a profit of 5.52 billion rupees for the same period last year and comes after it recorded a 97 percent fall in net profits in June.

“Higher fuel prices responsible for more than half of   the profitability decline, remainder due to currency depreciation," the company said in the statement. The figures represent IndiGo's first quarterly loss since it listed on stock exchanges near the end of 2015.