InterGlobe Aviation shares erase early losses; end 2 per cent higher

The scrip of InterGlobe Aviation Monday erased its early losses and ended 2 per cent higher mainly on value buying at lower level.

The scrip of the company had fallen 4.17 per cent to Rs 1,300 during the day on the BSE. It later bounced back and closed at Rs 1,381.15, up 1.81 per cent.

At the NSE, shares went up by 2 per cent to close at Rs 1,384.25.

The company's scrip has been on a backfoot ever since the differences between the promoters were made public last Tuesday.

InterGlobe Aviation is the parent of IndiGo.

With promoter spat intensifying at the airline, markets watchdog Sebi and the corporate affairs ministry have started digging deep into allegations of governance lapses and violations that could force the government to override existing arrangements and pacts at InterGlobe Aviation, officials said.

Bringing the differences between long-time friends and promoters of IndiGo out in the open, Rakesh Gangwal has sought Sebi's intervention into alleged corporate governance lapses at the company.

InterGlobe Aviation, which got listed in 2015, has come under intense regulatory scanner and there are indications of multiple violations of Sebi norms.

The company had on Friday informed BSE that the meeting of the board of directors of the company was scheduled for July 19 to consider and approve unaudited standalone and consolidated financial results for the quarter ended June 30, 2019.