Mid-air turbulence: Co-promoter Rakesh Gangwal disembarks from IndiGo board

In a surprise move, low-cost carrier IndiGo’s co-promoter Rakesh Gangwal on Friday resigned with immediate effect from the board of directors of the parent firm, InterGlobe Aviation, where he served as a non-executive, non-independent director.

While Gangwal in his letter to the board said that he would sell his entire holding in the airline over a period of five years, he also added that he may consider joining the board again as a member at a later stage. Industry analysts said that this shows that the fight between Gangwal and the other promoter Rahul Bhatia is far from over.