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IndiGo promoters & # 039; Rift takes toll on shares if InterGlobe Aviation dives more than 3%

The co-promoters of the company, Rakesh Gangwal and Rahul Bhatia, have felt a bitter struggle with the former seeking intervention of market regulator Sebi to address the problems.

PTI

updated:July 11, 2019, 5.34 pm IST

The Rift of IndiGo initiators takes toll on shares because InterGlobe Aviation is falling by more than 3%
A News18 creation from Mir Suhail.

New Delhi: Shares of InterGlobe Aviation extend losses streak for the second consecutive session and fell more than 3 percent in the midst of a fight between co-promoters Rakesh Gangwal and Rahul Bhatia.

On the BSE, the scrip fell by 3.07 percent to close the counter at Rs 1,354.85. During the day, the shares fell by 8.93 percent to reach the low of Rs 1,272.90.

On the NSE, the shares opened lower and 8.93 percent fell to a low of Rs 1,273.20. The shares ended up at Rs 1,352 and fell 3.29 percent.

In terms of share volume, 7.12 lakh shares were traded on the BSE, while more than 1.21 crore units exchanged hands with the NSE during the day.

Shares of the company on the BSE fell by 10.73 percent on Wednesday.

InterGlobe Aviation is the mother of IndiGo.

The co-promoters of the company, Rakesh Gangwal and Rahul Bhatia, have felt a bitter struggle with the former seeking intervention of market regulator Sebi to address the problems.

Differences between the promoters of IndiGo came to light on Tuesday with Gangwal, who claimed that the director Bhatia had made serious policy changes that had previously labeled his demands as unreasonable.

InterGlobe Aviation said in a stock exchange filing on Tuesday that the board of directors has received a letter from Gangwal and Sebi has also requested a response to the letter.

"Meanwhile, Sebi has asked the company to provide its response to this letter on July 19, 2019, which the company will adhere to," the petitioner said.

Gangwal and its subsidiaries have a 37 percent interest in InterGlobe Aviation, while Bhatia and its subsidiaries (IGE Group) have approximately 38 percent.

Meanwhile, the shares of Spicejet rose 0.38 percent to end at Rs 120.05 on the BSE.

. (tagsToTranslate) Indigo Airlines (t) IndiGo shares (t) Interglobe Aviation (t) Rahul Bhatia (t) Rakesh Gangwal (t) stock exchange