IndiGo nosedives 18% on promoters’ feud over corporate governance issues
Shares of IndiGo, India’s largest airline, nosedived as much as 17.54 per cent to hit a low of Rs 1,291 apiece on the BSE in the early morning deals on Wednesday after promoters Rahul Bhatia and Rakesh Gangwal made serious allegations against each other, forcing the Securities and Exchange Board of India (Sebi) to intervene.
At 09:25 am, the stock was trading 15.48 per cent lower at Rs 1,323.35 apiece on the BSE. On the other hand, the benchmark S&P BSE Sensex was trading 19 points or 0.05 per cent higher at 38,750. A total of 7.25 million shares of IndiGo changed hands on the BSE and NSE till the time of writing this report.
