IndiGo's Meltdown Sparks Analyst Downgrades, Governance Red Flags & FDTL Scrutiny

• IndiGo's early December operational breakdown led to mixed analyst calls and widened target price dispersion.
• Governance concerns escalated, with Moody's citing a "significant lapse" and SES questioning the board's FDTL compliance.
• Pilot trust and retention issues, including salary concerns, are highlighted as critical for IndiGo's fleet expansion and growth.
• DGCA granted a temporary FDTL exemption until Feb 2026, but requires fortnightly reports and a 30-day compliance roadmap.
• The disruption has put IndiGo's market dominance under scrutiny and raised questions about over-reliance on one carrier.

Why It Matters: IndiGo's operational crisis threatens its market leadership, growth, and investor confidence.