Nation can ill afford IndiGo faltering: Rakesh Gangwal, IndiGo co-founder

MUMBAI: Rakesh Gangwal, the billionaire co-founder of IndiGo and airline industry veteran, is determined to root out what he regards as poor corporate governance at parent InterGlobe AviationNSE -5.20 %, regardless of how much this may cost. He’s doing it for the greater good. “The nation can ill afford IndiGo faltering. IndiGo is now very much intertwined with the economic well-being of the country,” he told ET in an interview. “Look at the nation — how many companies have got into trouble because of lax adherence to corporate governance and weak board oversight?”

Although his differences with co-founder Rahul Bhatia weren’t a secret, Gangwal’s complaint to the Securities and Exchange Board of India (Sebi) still came as a bombshell for investors — the stock fell as much as