Shares of IndiGo extended decline and slipped another 9 per cent in the morning trade on Thursday amid spat between promoters of the company over issues of excessive control and corporate governance. SpiceJet, on the other hand, rose as much as 2.29 per cent.
At 10:35 am, the stock of IndiGo was trading around 7 per cent lower at Rs 1,304 apiece on the BSE. SpiceJet was ruling half a per cent higher at Rs 120.25 apiece. In comparison, the benchmark S&P BSE Sensex was trading at 38,732 levels, up 175 points or 0.45 per cent.
On Tuesday, Rakesh Gangwal, one of the founder-promoters of IndiGo, wrote a letter to the market regulator Securities & Exchange Board of India (Sebi) to intervene in the matter. Gangwal, who owns 36.68 per cent stake in the listed airline, had raised issues on related party transactions (RPTs) between InterGlobe and companies controlled by co-promoter Rahul Bhatia.
