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InterGlobe Aviation stock tanks 9% amid reports of rift between IndiGo promoters; company’s market valuation dips

New Delhi: Shares of InterGlobe Aviation dropped nearly 9 percent on Thursday amid reports of rift between promoters of IndiGo.

The scrip tumbled 8.82 percent to close at Rs 1,466.60 on the BSE. During the day, it tanked 9.82 percent to Rs 1,450.50.

At the NSE, shares plummeted 8.40 percent to close at Rs 1,475.

 InterGlobe Aviation stock tanks 9% amid reports of rift between IndiGo promoters; company’s market valuation dips

Representational image. Reuters.

Following the plunge in the scrip, the company's market valuation dropped by Rs 5,455.89 crore to Rs 56,377.11 crore on the BSE.

In terms of traded volume, 3.70 lakh shares were traded on the BSE and over 70 lakh shares on the NSE during the day.

IndiGo CEO Ronojoy Dutta on Thursday told employees that the airline's growth strategy remains unchanged and is firmly in place, amid reports of rift between two promoters of the country's largest carrier.

"I want to assure you that the growth strategy of the airline remains unchanged and firmly in place, and the management is fully charged by the board to implement it," Dutta said in a communication to employees.

Without directly mentioning about the rift between promoters, Dutta referred to media reports in this regard in the communication.

"I am sure that you are all aware of the press reports regarding alleged disagreements between our two promoters Rahul Bhatia and Rakesh Gangwal," he said.

IndiGo is yet to issue a formal statement on the rift between the promoters.

Meanwhile, BSE has sought clarification from InterGlobe Aviation with reference to news that Bhatia and Gangwal differ over airline's control and performance.

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Updated Date: May 16, 2019 17:02:15 IST