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Imagine four Indian airlines soaring high before the pandemic – Air India, IndiGo, GoFirst, and AirAsia India – each with unique financial strategies fueling their flight paths. This report takes you on a deep dive into their pre-COVID cockpits, exploring their investment choices, loan agreements, dividend payouts, and how they kept the fuel gauge steady. Then, brace for turbulence as COVID-19 rocks the industry. We'll see how these airlines adapted, tightened their belts, and navigated the financial storm, learning valuable lessons from growth, debt, and operational efficiency in both calm and chaotic skies. Get ready for a nuanced tale of resilience, adaptation, and the sky never being quite the same again for these Indian aviation giants.
Sasane et al. (2024) studied this question.