Shares of InterGlobe Aviation – parent company of the low-cost airline IndiGo – were down 4 per cent at Rs 2,025 on the BSE in Monday’s intra-day trade after one of its promoter and co-founder Rakesh Gangwal stepped down from the airline’s board.
The stock of airline company traded lower for the fourth straight day, down 8 per cent during the same period. In the past three months, the stock has underperformed the market by falling as much as 8 per cent, when compared with a 3.5 per cent decline on the S&P BSE Sensex.
“Rakesh Gangwal, Non Executive, Non Independent Director has tendered his resignation from the board of directors of the Company vide his letter dated February 18, 2022, with immediate effect,” InterGlobe Aviation said in an exchange filing on Friday after the market hours.
