Dollar bonds of Indian airports like Delhi International Airport Ltd (DIAL) and GMR are down 3-4 points in the week. The moves come after the new Covid variant Omicron which has seen some airlines cut their capacity. For example, Vistara, the airline JV between Tata Sons and Singapore Airlines, and Indigo, India’s biggest low-cost airline have resorted to changes – the former said it was adjusting capacity in sync with changing demand while the latter has cut capacity by 20%.

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