IndiGo Shares Drop: Oil Jump, HSBC Target Cut Erase Half of Wednesday's Gains

• IndiGo shares opened 4% lower after revising fuel surcharges, giving up half of Wednesday's 9% rally.
• New distance-based fuel surcharges make short-haul cheaper but increase costs for medium and long-haul routes.
• Domestic fuel surcharges now range ₹275-₹950 (from flat ₹450); international surcharges ₹900-₹10,000 (from ₹425-₹2,300).
• Global jet fuel prices surged over 130% month-on-month, while domestic prices rose only 8.5% due to government intervention.
• HSBC maintained 'Buy' but cut IndiGo's price target to ₹5,210 from ₹5,860, citing headwinds like high oil prices and rupee weakening.