IndiGo's co-founder Rakesh Gangwal resigns from board with immediate effect

'It is my intention to gradually reduce my stake in InterGlobe over the next 5 plus years,' says Gangwal

InterGlobe Aviation's non-executive, non-independent director Rakesh Gangwal on Friday has tendered his resignation from the company's board with immediate effect.

He will gradually reduce his stake in InterGlobe, parent of the country's largest airline IndiGo, over the next five-plus years, Gangwal said in his resignation letter while adding that a gradual reduction of his stake will also allow him to benefit from some of the upside.

"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. Accordingly, my current intention is to slowly reduce my