IndiGo parent InterGlobe Aviation share price slipped 3.5 percent to Rs 2,044.25 after cofounder and non-executive non-independent director tendered his resignation from the board on Friday with immediate effect.
In a letter to the board, Rakesh Gangwal said that his "intention is to gradually reduce stake in InterGlobe over the next five plus years".
"I have been a long-term shareholder for more than 15 years and it's only natural to some day think about diversifying one's holdings," Gangwal added in his letter.
Read the full text of Rakesh Gangwal on his resignation from IndiGo board
Earlier this month, InterGlobe reported a surprise profit of Rs 129.79 crore in the December quarter for the first time after posting losses for seven consecutive quarters. The profit was buoyed by higher revenue and yields.
IndiGo had reported a loss of Rs 621.80 crore in the corresponding quarter of the previous fiscal.
Net revenue increased 89 percent to Rs 9,294.77 crore from Rs 4,909.98 crore a year ago. Passenger ticket revenues came in at Rs 8,073.10 crore, up 98.4%, while ancillary revenue stood at Rs 1141.70 crore, an increase of 41.3% compared to the year-ago quarter.
Catch all the market action on our live blog
At 09:44 hrs InterGlobe Aviation was quoting at Rs 2,059.20, down Rs 61.10 or 2.88 percent on the BSE.
The share touched a 52-week high of Rs 2,379 and a 52-week low of Rs 1,502.90 on 16 November, 2021 and 20 April, 2021, respectively.
Currently, it is trading 13.44 percent below its 52-week high and 37.02 percent above its 52-week low.
Click Here:- Get Share Market Tips With High Accuracy