InterGlobe Aviation stock falls 4% after Rakesh Gangwal resigns from board

Shares of InterGlobe Aviation fell over 4% today after the firm's co-founder and co-promoter Rakesh Gangwal stepped down from the airline's board on February 18.

InterGlobe Aviation stock touched an intraday low of Rs 2,025.45, falling 4.47% on BSE. The stock opened with a loss of 2.14% at Rs 2,075 today.

The large cap share trades higher than 20 day, 50 day, 100 day and 200 day moving averages but lower than 5 day moving averages.

The stock has gained 31.89% in one year and risen 2.37% since the beginning of this year.

Total 0.71 lakh shares of the firm changed hands amounting to a turnover of Rs 14.54 crore on BSE.

Market cap of the firm climbed to Rs 80,524 crore on BSE.

The share hit 52 week high of Rs 2,379 on November 16,2021 and a 52 week low of Rs 1,502 on April 20, 2021.

Gangwal said he intends to cut his equity stake in the company over the next five years.

However, in a letter to board members, he acknowledged that future events might impact his current thinking,

He said reducing holdings would only be undertaken when he does not have any unpublished price sensitive information (UPSI) but as a board member the company continues to provide him with information, some of which is UPSI.

He asked the company to not share any UPSI and as he steps down as the director there will be no reason for IndiGo to share such information, Gangwal said.

Gangwal added that he will, in the future, consider participating as a board member.