IndiGo announces pay cut for all employees: Media reports

CEO Ronojoy Dutta in a mail written to its employees said that he will take a pay cut of 25%, senior Vice-presidents and above will take a pay cut of 20% and All the changes in salaries will come into effect from April 1, 2020.

Mar 19, 2020 09:03 IST India Infoline News Service

Indigo-Airlines
Interglobe Aviation (IndiGo) on Thursday has announced salary cuts across various levels of its organisation as revenue severely falls due to weak demand amid coronavirus spread, as per media reports.

CEO Ronojoy Dutta in a mail written to its employees said that he will take a pay cut of 25%, senior Vice-presidents and above will take a pay cut of 20% and All the changes in salaries will come into effect from April 1, 2020.

IndiGo CEO said in the mail that, “with a great deal of reluctance and a deep sense of regret we are therefore instituting pay cuts for all employees excluding Bands A & B, starting April 1, 2020. I am personally taking a 25% pay cut, SVPs & above are taking 20%, VPs & cockpit crew are taking a 15% pay cut, AVPs, Bands D along with cabin crew will take 10% and Band Cs 5%.”

Source: Media reports

Stock view:
Interglobe Aviation Ltd is currently trading at Rs922.60, down by Rs29.65 or 3.11% from its previous closing of Rs952.25 on the BSE. The scrip opened at Rs910 and has touched a high and low of Rs985 and Rs888 respectively.

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