Informed exchanges about Ghosh's resignation well within timelines: IndiGo

InterGlobe Aviation today said it informed stock exchanges about the resignation of Aditya Ghosh as president and whole time director well within the timelines prescribed under listing norms.

The clarification comes against the backdrop of markets regulator Sebi examining the sharp plunge in shares of InterGlobe Aviation hours before it announced the resignation of Ghosh.

In this regard, the company, which operates no-frills airline IndiGo, today said that it has "not received any communication from Sebi".

According to a regulatory filing, Ghosh had submitted his resignation as president and whole time director on April 26.

A meeting of the board was held on an urgent basis on April 27 and accepted the resignation, the filing noted.

"Shortly after the board meeting at which Aditya Ghosh's resignation was accepted, the company vide its letter... dated April 27, 2018 informed the stock exchanges about Aditya Ghosh's resignation.

"Therefore, the company informed the stock exchanges well within the timelines prescribed by the listing regulations," it said.

Sebi is looking at the company's share pricing falling over 6 per cent on April 27 -- when the airline announced the resignation of Ghosh after market hours.

Ghosh quit as a director of the company with effect from April 26, a day before the announcement was made.

The regulator is examining whether there was any delay on part of the company in making the disclosure. Besides, it has already asked exchanges to collate the share price data to examine any possible breach of the insider trading rules.

Shares of the company today tumbled over 10 per cent to close at Rs 1,205.80 on the BSE after it reported 73 per cent plunge in profit for the March quarter.

The stock cracked 10.57 per cent to end at Rs 1,205.80 on BSE. During the day, it tumbled 17.57 per cent to Rs 1,111.30.

IndiGo's profit after tax dropped to Rs 117.64 crore in the three months ended March as higher fuel costs and foreign exchange loss took a toll on its bottom line.