Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

IndiGo Shares Fall Over 2% After Main Promoter Moves for Arbitration Proceedings

The airline stock declined 2.22 per cent at Rs 1829.35, on the BSE. On the NSE, the scrip plummeted 2.13 per cent at Rs 1,830.

PTI

Updated:October 3, 2019, 11:29 AM IST
facebookTwitterskypewhatsapp
The logo of IndiGo Airlines is pictured on passenger aircraft on the tarmac in Colomiers near Toulouse, France, July 10, 2018. REUTERS/Regis Duvignau/Files
Image for representation. (Reuters)

New Delhi: Shares of IndiGo on Thursday slumped over 2 per cent after one of the main promoters Rahul Bhatia moved for arbitration proceedings amid differences with co-promoter Rakesh Gangwal.

The airline stock declined 2.22 per cent at Rs 1829.35, on the BSE. On the NSE, the scrip plummeted 2.13 per cent at Rs 1,830.

On Tuesday, InterGlobe Aviation -- parent of the country's largest airline IndiGo -- informed stock exchanges that Bhatia and his group InterGlobe Enterprises have submitted a request for arbitration on October 1 to the London Court of International Arbitration.

The request has been submitted under the shareholders' agreement, dated April 23, 2015. The pact was amended on September 17, 2015, the filing had said.

The agreement was executed between Bhatia's InterGlobe Enterprises Group (IGE Group), Gangwal, the Chinkerpoo Family Trust, Shobha Gangwal -- the RG Group -- and InterGlobe Aviation Ltd.

"This dispute relates to claims of the IGE Group against the RG Group regarding, inter-alia, compliance with the shareholders agreement and the articles of the association of the company and damages.

"Under the request for arbitration, no relief has been sought against the company," it had said. The company has been named as a respondent as it is a party to the shareholders agreement.

"However, presently, no monetary claim, including any compensation or penalty, has been sought against the company," it had said. Bringing the differences between long-time friends and promoters of IndiGo into open, Gangwal, in July, had sought Sebi's intervention in alleged corporate governance lapses in the company.

The allegations were rejected by Bhatia group.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 51.40 8.44
Reliance 1,416.35 1.42
Indiabulls Hsg 231.20 16.80
Zee Entertain 250.20 -5.39
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
HDFC AMC 2,882.20 6.11
Yes Bank 51.40 8.44
Indiabulls Hsg 231.50 17.42
Reliance 1,415.30 1.37
IRCTC 779.20 7.57
Top Gainers
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.28
Adani Ports 421.70 3.07
Grasim 746.50 3.03
Maruti Suzuki 7,302.30 2.50
Company Price Change %Gain
Yes Bank 51.40 8.44
Coal India 205.95 3.31
Maruti Suzuki 7,318.15 2.74
Power Grid Corp 202.55 2.45
NTPC 121.00 2.02
Top Losers
Company Price Change %Gain
Zee Entertain 250.20 -5.39
Tata Motors 136.85 -1.90
Eicher Motors 20,275.90 -1.05
Bajaj Auto 3,087.05 -0.79
Hindalco 187.40 -0.74
Company Price Change %Gain
Tata Motors 136.70 -1.05
Bajaj Auto 3,087.75 -0.73
Bharti Airtel 383.25 -0.65
ICICI Bank 437.75 -0.64
Axis Bank 709.20 -0.19

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results