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India’s InterGlobe skids after IndiGo co-founder quits, plans stake cut -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO: Bruce Ashby (L), President & CEO IndiGo, Rahul Bhatia (C), Managing Director of InterGlobe Enterprises and Rakesh Gangwal pose at the launch of revenue operations of IndiGo, India’s newest private low-fare domestic carrier in New Delhi July 31

BENGALURU, Reuters – InterGlobe Aviation shares fell as high as 3.5% on Monday morning after Indigo’s co-founder announced that he will resign as a member of the board. He also plans to reduce his share in the airline.

Rakesh Gandwal sent a Friday letter to InterGlobe Aviation stating that he is stepping down as soon as possible because he does not wish to keep access to sensitive price information.

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