InterGlobe Aviation shares end flat after falling for two days

Shares of InterGlobe Aviation, the parent company of IndiGo airlines, ended flat after declining over 13 per cent in previous two trading sessions amid a spat between co-promoters Rakesh Gangwal and Rahul Bhatia.

The scrip closed at Rs 1,356.60 with a marginal gain of 0.13 per cent on BSE. During the day, it rose 2.38 per cent to touch a high of Rs 1,388.95.

On NSE, the stock ended with a loss of 0.38 per cent to Rs 1,348.

In terms of traded volume, 3.69 lakh shares were traded on the BSE, while over 62.87 lakh shares changed hands on the NSE during the day.

Company's co-promoters Rakesh Gangwal and Rahul Bhatia are locked in a bitter battle with the former seeking intervention of markets regulator Sebi to address the problems.

Differences between the promoters came into public on Tuesday with Gangwal alleging serious governance lapses by Bhatia who had earlier termed his demands unreasonable.

Meanwhile, the government wants Sebi to probe role of all board members and every entity associated with the two main promoter groups of InterGlobe Aviation and take strict action for all wrongdoings, officials said Thursday.

There are indications about violations of corporate governance, fair market trade and insider trading rules and the regulator needs to probe role of each and every entity associated with all board members and promoter-linked entities, according to the officials.

Gangwal and his affiliates have around 37 per cent stake in InterGlobe Aviation, while Bhatia and his affiliates (IGE Group) have about 38 per cent.