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IndiGo Promoter Dispute: CEO Ronojoy Dutta writes to staff, says the issue has nothing to do with the airline

IndiGo Promoter Dispute: CEO Ronojoy Dutta writes to staff, says the issue has nothing to do with the airline
Issues between IndiGo promoters will eventually get sorted, CEO Ronojoy Dutta assured the airline staff in a letter on Wednesday, adding that the disputes have nothing to do with the carrier.
"Our mission, direction and growth strategy remains unchanged and firmly in place. It is very important that we all remain focussed on running a high-performance airline. Absolutely nothing has changed for any of us. I will go about doing my job to the very best of my abilities and I know I can count on you to do the same," said Dutta in the letter.
On Tuesday, IndiGo co-founder Rakesh Gangwal sought market regulator Sebi's intervention to resolve his “alleged grievances," and Rahul Bhatia called on the board of airline’s holding company to resist attempts by the former to “damage” the company.
The “alleged grievances” are a reference to Gangwal’s concerns over violation of governance norms and related party transactions (RPTs) benefiting companies owned by Rahul Bhatia.
Gangwal and Bhatia — the largest shareholders of the airline —  control stakes of slightly less than 40 percent in InterGlobe each. Both had recently sought legal help to settle their differences. Gangwal’s decision to approach Sebi shows the matter has not been resolved yet.
At 01.14 PM, shares of IndiGo were trading 176.40 points, or 11.26 percent, lower at Rs 1,389.90 per share on the NSE.

Market Movers

CompanyPriceChange%Loss
ONGC120.25 -4.85
Coal India146.40 -5.75
JSW Steel670.60 -25.75
NTPC113.55 -3.85
UPL808.00 -27.05
CompanyPriceChange%Loss
ONGC120.35 -4.65
NTPC113.55 -3.70
M&M784.85 -20.60
Power Grid Corp233.00 -6.70
Nestle17,678.30 -375.20
CompanyPriceChange%Loss
ONGC120.25 -4.85 -3.88
Coal India146.40 -5.75 -3.78
JSW Steel670.60 -25.75 -3.70
NTPC113.55 -3.85 -3.28
UPL808.00 -27.05 -3.24
CompanyPriceChange%Loss
ONGC120.35 -4.65 -3.72
NTPC113.55 -3.70 -3.16
M&M784.85 -20.60 -2.56
Power Grid Corp233.00 -6.70 -2.80
Nestle17,678.30 -375.20 -2.08

Currency

CompanyPriceChng%Chng
Dollar-Rupee73.8600-0.2175-0.29
Euro-Rupee87.8770-0.4200-0.48
Pound-Rupee102.2970-0.9290-0.90
Rupee-100 Yen0.6699-0.0019-0.29