All is well, says Indigo as promoters feud; market doesn’t buy ‘growth on track’ story

With reports of serious differences between the two promoters of IndiGo — Rahul Bhatia and Rakesh Gangwal — over the strategies and ambitions for the airline surfacing, the company management on Thursday went into a damage control mode.

Ronojoy Dutta, CEO, InterGlobe Aviation, which owns the low-cost airline, said in an e-mail to employees that the airline’s growth strategy remains unchanged and the management has the full backing of the board of directors to implement it.

The belated action, however, did not have the desired result as IndiGo’s share tumbled 8.82% to close at `1,466.60 on the BSE. During the day, it tanked 9.82% to `1,450.50. At the NSE, shares plummeted 8.40% to close at `1,475.