IndiGo sees moderation but seems to have crossed the 55% level structurally as of now beyond tactical ups and downs. In May’22, the market share of Air India/IndiGo shrank 80/40bps MoM to 7.8%/57.9%, while that of SpiceJet/Go First/Air Asia expanded 40/50/30bps MoM to 9.5%/10.6%/5.7%.