IndiGo slips 2% after shareholders reject Gangwal's special proposal at EGM

The resolution primarily failed after co-founder Rahul Bhatia's Interglobe Enterpise's voted against it. The Bhatia family and Inter-Globe Enterprises (IGE) together own 38.23 per cent.

Shares of InterGlobe Aviation -- the parent company of IndiGo airlines --  skid 2 per cent to Rs 1,432 on the BSE on Thursday after the airiline's shareholders rejected the special resolution proposed by IndiGo co-promoter Rakesh Gangwal at the Extraordinary General Meeting (EGM) held Wednesday. The resolution sought to relax rules on the sale and purchase of shares by its main shareholders making it easier for the promoters to raise or cut stake in the company. 

"The special Resolution for Amendments to the Articles of Association of the Company has not been passed as the votes cast in favour