End of battle? Rakesh Gangwal quits IndiGo board, to reduce stake

Stock analysts said Gangwal's announcement will keep the company's stock price under pressure

After years of dispute between the IndiGo promoters, co-founder Rakesh Gangwal has stepped down from the airline’s board. While announcing his decision to reduce stake in the company over the next five years, Gangwal has hinted at a return to the board sometime in future.

Gangwal controls 36.6 per cent stake in InterGlobe Aviation, which owns and operates IndiGo. His stake is valued at over Rs 29,895 crore as per the closing share price on Friday. The other promoter Rahul Bhatia owns 38.18 per cent in the company.

A former president of US Airways, Gangwal had teamed up with Bhatia of InterGlobe