IndiGo’s parent skids over 4% as co-founder quits, plans stake cut

BENGALURU: Shares of InterGlobe Aviation, the parent of the country’s biggest airline IndiGo, dropped on Monday after one of its co-founders resigned from the board last week and said he will trim his stake in the company over the next five years.
The company’s shares fell as much as 4.3% and hit a two-week low.
In a letter to the InterGlobe’s board on Friday, Rakesh Gangwal said he was stepping down immediately as he didn’t want access to unpublished price sensitive information when he begins trimming his stake in the company.
Gangwal and his family own 36.61% stake in InterGlobe, while another co-founder and managing director Rahul Bhatia and his family own about 37.8%.