IndiGo dips 5% as Gangwal alleges 'loophole' in proposed board structure

In the letter, Gangwal has alleged that "the proposed (new) board structure created a large loophole that gives the IGE Group additional powers that they don't have today."

Shares of InterGlobe Aviation, the parent company of IndiGo airline, slipped 5 per cent  to Rs 1,413 on the BSE in early morning deals on Tuesday after co-founder Rakesh Gangwal alleged that the new structure of the IndiGo board will only add to the powers of InterGlobe Enterprises -- owned by fellow co-founder Rahul Bhatia.
 

According to a BSE filing by InterGlobe Aviation, Gangwal wrote a letter to all the board members,  a copy of which has also been sent to the SEBI, the Ministry of Corporate Affairs, and BSE and NSE. READ THE BSE FILING HERE