India, Dec. 8 -- Shares of InterGlobe Aviation Ltd. fell the most in eight months after India's civil aviation regulator called on the chief executive to explain the flight cancellations that have roiled India's largest airline.

IndiGo's share price fell as much as 7.56% to Rs.4965.05 apiece on the BSE, even as the benchmark Sensex traded up to 0.40% lower. According to a HT.com report, IndiGo has reported more than 400 flight cancellations so far on Monday versus over 1,000 on Friday.

"The regulatory action including a show-cause notice to the CEO (possible management change) is likely to further dampen stock performance besides possible impending one-time penalty," JM Financial Ltd. analysts Ashutosh Somani, Anirudh Nagpal and Anuj Kh...