IndiGo
IndiGo owns Hyderabad–Chennai on frequency and prices none of it on a chart — redemptions track the live fare at a dynamic ₹0.40–0.60 per BluChip, minimum 500, taxes and convenience fees cash-only. It is a rupee offset wearing points clothing, and on a 316-mile sector with no fixed award to beat it is the only thing on the board.
Estimate IndiGo BluChip is a revenue-linked rupee offset worth ~Rs0.50/BluChip (Card Insider pegs Rs0.40-0.60, 500 minimum); 7,000 ~= a typical Rs3,500 one-way Hyderabad-Chennai economy fare divided by Rs0.50. It moves 1:1 with the live fare and has no chart.
Feed it: 10,500 HSBC Reward Points (1.5:1 via Accor Live Limitless (ALL)) · 35,000 Axis EDGE Reward Points (5:1) · 21,000 HDFC Reward Points (3:1 via Accor Live Limitless (ALL))