Shares of India’s largest airline by market share IndiGo plunged in trade on Thursday morning, after media reports of an internal strife between promoters. IndiGo share price tumbled more than 7.5% to hit intra-day low of Rs 1,487.10, its lowest since October 9th.
The plunge in IndiGo’s shares comes after The Indian Express reported citing sources that the private airline’s promoters Rahul Bhatia and Rakesh Gangwal stand divided over management control and appointment of key executives, and have approached law firms to settle the internal strife. The publication further said that Rahul Bhatia and Rakesh Gangwal did not respond to their queries.
The airline’s co-founders– Rakesh Gangwal and Rahul Bhatia together held a 99% stake in the airline at the time of its listing in 2013. As of now, Rahul Bhatia holds 38% stake in Interglobe Aviation Read More