Rakesh Gangwal's exit from IndiGo board leaves many questions unanswered

It is not clear whether there are any safeguards in place to prevent any individual who may buy Gangwal's entire stake from making a bid to gain control of the airline through an open offer

On February 19, India’s largest private low-fare airline IndiGo announced the resignation of one of the two founders, Rakesh Gangwal, from the airline’s board and his intentions of offloading his stake in the airline over the next five years. The announcement came on a Friday, giving the stock markets the weekend to absorb the news but the markets registered a tepid response on Monday’s opening. In contrast, in July 2019, when the fight between the two founders and erstwhile friends first became public, the markets reacted savagely. The IndiGo scrip at the time fell 19 per cent, wiping out millions