IndiGo stock plummets amid promoters’ feud

The shares of InterGlobe Aviation Ltd (IGAL), the parent of IndiGo, plummeted over 11 per cent on Wednesday, wiping out ₹6,423 crore from its market valuation following a spat between its co-promoters over corporate governance issues.

The scrip tanked 10.73 per cent to close at ₹1,397.75 on the BSE. Intra day, it had plunged 17.54 per cent to ₹1,291.

The co-promoters of IndiGo, Rakesh Gangwal and Rahul Bhatia, have been engaged in a war of words over governance issues.

InterGlobe clarifies

IGAL on Wednesday clarified that the existence of related party transactions (RPTs) was disclosed at the time of its IPO in 2015.