Shares of low-cost airline operator have fallen 4.61% in three sessions from its recent closing high of Rs 1006.85 recorded on 12 May 2020.

Meanwhile, the media reported on 11 May 2020 that Rahul Bhatia, IndiGo's biggest shareholder, is eyeing Australia's second-largest airline Virgin Australia Holdings, which went bankrupt last month amid the coronavirus pandemic.

In an exchange filing made after market hours on 11 May 2020, InterGlobe Aviation said: "We refer to certain media reports stating that IndiGo has expressed an interest in Virgin Australia. We deny the contents of these reports and would like to clarify that the company has not formulated any indicative proposal, nor does it have any interest in this matter."

Co-founded by the British businessman Richard Branson in the year 2000, Virgin Australia folded last month, after reeling under financial distress over several quarters, as COVID-19 pandemic hit tourism and travel across the globe.

Virgin Australia has attracted at least 20 potential buyers as its administrator, Deloitte, races to sell the airline within two months of its collapse. Deloitte is seeking indicative bids by mid-May and binding offers in June, targeting a deal by the end of that month.