IndiGo drops 5% on SEBI probe ‘finding’

InterGlobe Aviation Ltd. (IndiGo) shares plunged 5% on Tuesday after media reported about Securities & Exchange Board of India finding undisclosed related party transactions between promoter InterGlobe Enterprises and IndiGo, in its preliminary inquiry.

However, the airline said, “We would like to state that the above mentioned news is factually incorrect. The company has not received any communication from SEBI in this regard.” The share closed at ₹1,376.70, down 4.68%.

SEBI’s inquiry was initiated last year after co-founder Rakesh Gangwal lodged a complaint on alleged violation of corporate governance norms by Rahul Bhatia- owned InterGlobe Enterprises.

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Printable version | Apr 5, 2020 9:50:53 PM |

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