Shares of InterGlobe Aviation today fell more than 3 per cent ahead of its March quarter earnings which is scheduled to be announced later in the day.

The stock opened the session at Rs 1,420, but soon lost ground and was trading at Rs 1,353, down 3.34 per cent over its previous closing price. On the NSE, the stock opened at Rs 1,412.80, then fell to a low of Rs 1,351, down 3.69 per cent over its previous closing price.

In a regulatory filing, the company had said that a meeting of the board of directors of InterGlobe Aviation is scheduled to be held today to consider the approval for audited standalone financial results of the company for the quarter and year ended March 31, 2018. The board of directors will also consider recommendation of dividend, if any, for the financial year ended March 31, 2018,

On April 27, IndiGo had announced that Aditya Ghosh would step down as President and is likely to be replaced by one of its former executives Gregory Taylor. It further said that Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.

Following the announcement, shares of InterGlobe Aviation had on April 30 witnessed heavy volatility and closed the session marginally down.

Ghosh has stepped down as Whole Time Director of InterGlobe Aviation, the parent of IndiGo, effective April 26, while his resignation as President would come into effect from July 31.

InterGlobe Aviation said Taylor, a former executive at the airline, has been appointed as a Senior Advisor and would report directly to Bhatia. IndiGo, which has a fleet of 160 aircraft, is the country’s largest airline with a market share of nearly 40 per cent. It operates around 1,000 flights daily.

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