The IndiGo stock fell 4.47 per cent to Rs 2,025.45 apiece on the BSE while on the National Stock Exchange (NSE), it crashed as much as 4.32 per cent to Rs 2,025.20 per share.
IndiGo share price: Shares of InterGlobe Aviation, the owner of budget carrier IndiGo, fell nearly 4.5 per cent in the early trade on Monday after the company announced that its co-founder Rakesh Gangwal would resign from the board and has plans to cut his stake in the airline.
The IndiGo stock fell 4.47 per cent to Rs 2,025.45 apiece on the BSE while on the National Stock Exchange (NSE), it crashed as much as 4.32 per cent to Rs 2,025.20 per share.
On Friday post market hours, IndiGo co-promoter Rakesh Gangwal resigned with immediate effect from the board of directors of InterGlobe Aviation where he served as a non-executive, non-independent director.
While Gangwal in his letter to the board said that he would sell his entire holding in the airline over a period of five years, he also added that he may consider joining the board again as a member at a later stage.
Gangwal’s resignation comes around two weeks after other promoter Rahul Bhatia took charge as the company’s managing director.
Commenting on the stock outlook, Ravi Singh, vice president and head of research at Share India Securities said, “The overall aviation industry’s outlook has been dampened since the start of the Covid-19 pandemic. This year too it’s expected to underperform the benchmark indices. Interglobe stock prices may see further fall to Rs 1,800 levels taking cues from the sector weakness and the exit of its co-founder. It may go under accumulation zone at lower levels to show some buying strength.”
Source: indianexpress.com
