New Delhi, Dec. 12 -- Shares of InterGlobe Aviation Ltd, which runs IndiGo, are unlikely to stage a major recovery once the stock joins the Sensex on 22 December as investors await clarity on regulatory overhang, but its inclusion in the benchmark index could provide downside protection, several analysts told Mint.

Indigo shares are down about 17% since the start of the month, after the airline cancelled more than 4,500 flights last week due to an acute crew shortage that resulted from its failure to adapt to new, stricter flight duty time limitations (FDTL) rules for pilots. Following this, the civil aviation regulator ordered India's largest airline to cut its winter schedule by 10%. The stock's price-to-earnings ratio was 25.5 on 11 D...