After a turbulent April, domestic passenger (pax) traffic rebounded in May growing by 2.8% YoY to 12mn. With peak holiday season and incumbents led by SpiceJet & IndiGo accelerating their aircraft induction plans (in a bid to gain from Jet's downfall), the industry reported a moderate capacity growth of 2.6% (up 8% MoM) while operating at PLFs of 90%. Aided by ~25 aircraft inductions over April-May, SpiceJet reported domestic Pax/ASK growth of 24%/32% YoY while its market share improved ~170bps MoM to a 5-year high of 14.8%. IndiGo inducted ~15 aircrafts over April-May which...