IndiGo owner Interglobe Aviation’s shares tumbled 9 percent on Thursday after a report that the co-founders and two largest shareholders of India`s largest airline were at odds over its expansion.
The Economic Times (ET) reported that serious differences had arisen between the airline`s co-founders that could have an impact on the functioning of the company. Citing sources close to the matter, the newspaper said among the issues were clauses in the shareholders` agreement and differences between the founders over their strategies and ambitions for the airline.
Co-founders Rahul Bhatia and Rakesh Gangwal, along with their respective families, each control stakes of slightly less than 40 percent in the airline`s holding company, giving them both a major say in its strategy and plans. IndiGo sought to allay concerns about the discord. Read More