Stocks

Interglobe Aviation stock recovers on report of promoters' truce

Reuters July 24 | Updated on July 24, 2019 Published on July 24, 2019

Shares of Interglobe Aviation Ltd, the owner of private airliner IndiGo, reversed course and rose as much as 2.1 per cent to ₹1,556, their highest in over two weeks. The promoters of the airline have called a truce and outstanding issues are being resolved. They have also agreed on board expansion, media reported citing sources.

The Interglobe shares fell as much as 4.8 per cent intra day before the recovery. IndiGo co-founders Rakesh Gangwal and Rahul Bhatia have been at odds after Gangwal alleged violation of corporate governance rules at the company

Around 4 million shares change hands on Wednesday, against 30-day average of 2.8 million. The stock was up 30.8 per cent this year up to last close.

Interglobe did not immediately respond to Reuters' request for comment.

Published on July 24, 2019
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