Shares of InterGlobe Aviation Ltd dived over four per cent during the early trade on Monday, after Rakesh Gangwal resigned from the company’s board of directors.
On the BSE, the shares were down 4.47 percent to Rs 2,025.45 apiece.
Likewise, on the National Stock Exchange (NSE), the scrip declined 4.31 percent to trade at Rs 2,025.2 during the morning trade.
IndiGo co-promoter Rakesh Gangwal on Friday resigned from the board of directors of parent company InterGlobe Aviation.
He further stated that he will gradually reduce his equity stake in the airline over the next five years.
Gangwal and his related entities own around 37 percent stake in this company. Rahul Bhatia and his related entities own around 38 percent in InterGlobe Aviation.