Interglobe Aviation jumped 3.08% to Rs 1374 after the company said a meeting of shareholders will be convened on 29 January 2020 to seek approval for certain changes in the company's articles of association.
The extraordinary general meeting (EGM) is being convened following request by co-promoter Rakesh Gangwal and related entities who together hold 36.64% stake in the company.The feud between IndiGo founders, Rahul Bhatia and Rakesh Gangwal, came to the limelight last year. In July 2019, Gangwal had accused Bhatia, of corporate-governance transgressions at IndiGo, and said "unusual controlling rights" held by Bhatia had allowed him to push through related-party transactions in violation of rules.
On consolidated basis, the company reported a net loss of Rs 1061.99 crore in Q2 September 2019 as against a net loss of Rs 651.54 crore in Q2 September 2018. Net sales increased by 31% to Rs 8105.19 crore in Q2 September 2019 over Q2 September 2018.
InterGlobe Aviation is among the fastest growing low cost carriers in the world. The company has fleet of 235 aircraft and provides service to 70 destinations including 17 international cities.
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