Indigo co-founder refutes reports of truce with Rahul Bhatia

Gangwal said he did not back a proposal by the airline to expand its board of directors to 10.

Aug 06, 2019 09:08 IST India Infoline News Service

Interglobe Aviation is trading flat after falling sharply in opening trade after co-founder Rakesh Gangwal said that reports regarding truce within the company were untrue.

In a letter dated August 5 filed by the co. on the exchanges, Gangwal told the board of IndiGo's parent InterGlobe Aviation that issues between him and Bhatia are yet to be resolved.

Gangwal said he did not back a proposal by the airline to expand its board of directors to 10.

Last month, Rakesh Gangwal accused Rahul Bhatia of violating corporate governance rules at InterGlobe, calling for Sebi to intervene.

InterGlobe has lost nearly $1bn in market value on July 10 after the rout broke out, however, shares have recovered most of those losses since then with Indigo posting stellar results for the quarter ended June 2019.

Interglobe Aviation Ltd is currently trading at Rs1,491.95 up by Rs0.8 or 0.05% from its previous closing of Rs1,491.15 on the BSE.

The scrip opened at Rs1,470 and has touched a high and low of Rs1,519 and Rs1,412.50 respectively.

So far 33,13,307 (NSE+BSE) shares were traded on the counter.

The current market cap of the company is Rs57,358.10cr.

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