After a strong debut on the bourses last month, the share price of InterGlobe Aviation, the owner of India's biggest airline by market share, IndiGo, has lost some steam in December, giving rise to questions about its rally in the coming days.

Shares of InterGlobe listed at Rs 856 on the Bombay Stock Exchange (BSE) on 10 November, while the issue price was fixed at Rs 765. In the past month, the scrip touched a high of Rs 1,145.75 and a low of Rs 878.45.

Overall, the share price of InterGlobe Aviation has soared 15% since being listed on the exchanges last month. But it corrected by over 9% so far this month, declining from Rs 1,110.15 on 30 November to Rs 998 on 10 December.

The recent decline has raised doubts over the share's performance in the coming weeks, and analysts are not so optimistic over the outlook of the stock even as the carrier shows consistency in earning profits.

InterGlobe Aviation posted a net profit of Rs 1,295.58 crore for the financial year ending March 2015, up 173% compared to Rs 474.44 crore in the previous year. In 2012-13, it registered a profit of Rs 987.3 crore.

"I am not bullish on Interglobe Aviation shares. The aviation sector depends heavily on government policies, and international competition may squeeze margins going forward," said Kishor P Ostwal, chairman and managing director, CNI Research.

"Shares of Interglobe Aviation are fairly valued right now," The Financial Express quoted G Chokkalingam, founder of Equinomics Research, as saying.

On the other hand, share prices of SpiceJet, India's second-biggest budget airline by market share, have gone up by a whopping 260% so far this year. The rally was led by the company's turnaround to profit from a near-collapse late last year.

"Shares of InterGlobe Aviation have recently broken its immediate support levels of Rs 1,030 due to some market pressure. If it will touch Rs 1,035 in coming days then it move towards Rs 1,100," said Chandan Taparia, derivative and technical analyst, Anand Rathi Securities.

Before issuing an initial public offer (IPO), the promoters of IndiGo altered the company's shareholding structure to provide more scope for overseas capital in the company's IPO.

Under the new capital structure, the stake held by one of its promoters, Rakesh Gangwal, has become his personal holding. Gangwal holds 47.88% in IndiGo's parent company, InterGlobe Enterprises, through US-based Caelum Investment.