Shares of InterGlobe Aviation, which runs India’s largest budget airline IndiGo, dropped 8 per cent to Rs 1,487 in intra-day trade on the BSE on Thursday on the back of heavy volumes in spite of reports of rift between the company’s promoters.
According to a business television report, there have been disparities between Rahul Bhatia and Rakesh Gangwal over managerial control of the firm. The report quoted sources as saying that the two partners have approached different law firms.
Rahul Bhatia currently holds 38 per cent stake in InterGlobe Aviation, the parent company of IndiGo, while Gangwal holds 37 per cent share in the company. The airline was formed by Bhatia and Gangwal in 2006.
The stock hit an all-time high of Rs 1,650, on April 18, 2019. Thus far in the current calendar year 2019, it has outperformed the market by reaching 38 per cent till Wednesday. In comparison, the S&P BSE Sensex was up 3 per cent during the same period.
At 11:18 am, IndiGo was trading 7 per cent lower at Rs 1,502, against 0.06 per cent decline in the benchmark index. It was the largest loser among the S&P BSE 500 index stocks. The trading volumes on the counter more than doubled with a combined 3.45 million shares changing hands on the NSE and BSE so far.
Shares of Jet Airways (India) were up 4.5 per cent at Rs 129, while SpiceJet gained 0.27 per cent at Rs 132 on the BSE.
