Aditya Ghosh quits as IndiGo prez; stock rebounds after 6% fall on Friday

Shares of Interglobe Aviation rebounded, gaining 1% on Monday after falling over 6% on Friday after IndiGo announced today that Aditya Ghosh will step down as President and is likely to be replaced by one of its former executives Gregory Taylor.

It said Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO.

The development comes amid the airline embarking on ambitious expansion plans and its aircraft facing technical issues with engines.

"In the coming months, the Board will consider the appointment of Greg as President and CEO of the company, subject to receiving the necessary regulatory approvals and paperwork," InterGlobe said in a statement.

Ghosh, who has been with the airline for ten years, said it has been a most satisfying task building IndiGo.

"It is now time for me to step off the treadmill and sometime in the near future embark on my next adventure. I wish all my colleagues at IndiGo the very best as they move on to the next phase of growth," he said.

At 9:55 am, the scrip was trading at 1,417, up 0.8% as comapred to a 0.5% rise in BSE Sensex. The stock had hit a high and low of Rs 1,438 and Rs 1,361 in the day so far.