NEW DELHI: IndiGo co-founder Rahul Bhatia’s InterGlobe Enterprises (IGE) on Wednesday responded to allegations made by co-promoter Rakesh Gangwal regarding related party transactions (RPT) at IndiGo’s operating firm: InterGlobe Aviation (IGAL). IGE said that the RPTs accounted for just 0.53 per cent of the company’s turnover and that all “RPTs have been executed on an arms’ length basis and in the ordinary course of business”.
Earlier in the day, the company’s stock crashed over 11 per cent on the bourses after the Securities and Exchanges Board of India (SEBI) sought its response on Gangwal’s allegations.
