GMR Shares Down 3% After Tragic Delhi Airport Accident

Operations at Terminal-1 (T1) of Delhi's Indira Gandhi International Airport (IGI) have been temporarily halted after a section of its roof collapsed earlier today.

What Happened: At least one person was killed and six others were injured when the roof at T1 crashed down on cars and taxis amid heavy rain on Friday. Flights to and from T1, which serves domestic operations, have been temporarily suspended.

Arrangements are being made to ensure the flights continue to operate, the Ministry of Civil Aviation said.

"Heavy rain in early morning today has resulted in the collapse of the canopy of #DelhiAirport Terminal 1. As a result of which flights to & from Terminal 1 have been closed till further notice. Alternate arrangements are being made for smooth operation of the flights," the aviation ministry said in a post on X.

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Temporary Measures: Union Minister of Civil Aviation Ram Mohan Naidu Kinjarapu also visited the site of the accident and directed the airport to shift operations to Terminal 2 and Terminal 3, NDTV reported. 

Indigo said its operations have been hit due to the incident. Flights scheduled to depart between 10 a.m. and 2 p.m. have been cancelled, it added. SpiceJet has also cancelled its flights from the affected terminal until further notice.

Political Angle: A political row has now erupted over the construction and poor maintenance of the airport. The canopy that gave way was constructed during 2008-09 and was outsourced to contractors, Moneycontrol reported, citing government sources. The work was provided to private contractors by the GMR Group, the report added.

The Delhi International Airport is a joint venture consortium of GMR Group, Airports Authority of India and Fraport. It has been one of GMR’s most celebrated projects.

Price Action: Shares of GMR Airports Infrastructure Ltd were trading 3.21% lower at ₹96.05 during mid-day trading on Friday.

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Posted In: EquitiesNewsMarketsAAIGMR AirportsIndigoSpiceJet