IndiGo crashes 19% on promoter feud; here’s what analysts say
NEW DELHI: Shares of InterGlobe Aviation (IndiGoNSE -11.97 %) crashed 19 per cent in Wednesday’s trade as one of the promoters Rakesh Gangwal approached Sebi over alleged corporate governance issues at the airline.
It declined 19 per cent on NSE to hit a low of Rs 1,264.85. The shares hit their lowest since March and were on course for their worst day since January 2016.
Gangwal held 37 per cent stake in the airline as of the latest filing. Co-promoter Rahul Bhatia, on the other hand, owned 38 per cent stake in the airline.
