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IndiGo Co-founder Rakesh Gangwal resigns with immediate effect

By Priyanka Verma 
Updated Date

New Delhi: InterGlobe Aviation, which owns India’s largest airline IndiGo, on February 18 said co-founder Rakesh Gangwal has resigned as director with immediate effect. “We hereby inform you that Mr Rakesh Gangwal, non-executive, non-independent director has tendered his resignation from the Board of Directors of the Company vide his letter dated February 18, 2022, with immediate effect,” IndiGo said in a filing.

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On Friday, IndiGo shares were down 2.02% to close at ₹2,113 apiece on NSE.

Gangwal said sometime in the future, he might consider participating again as board member.

I have been a long-term shareholder in the company for more than 15 years and it’s only natural to someday think about diversifying one’s holdings, Gangwal said in his resignation letter.He added that his current intention is slowly reduce my equity stake in the company “over the next five plus years”. 

While new investors should benefit from the potential future growth in the company’s share price, a gradual reduction of my stake should also allow me to benefit from some of the upside, Gangwal said.

However, Gangwal said that he is concerned about the optics of reducing the holdings even though such transactions would only be undertaken when he do not have any unpublished price sensitive information.

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