IndiGo nosedives 18% on promoters' feud over corporate governance issues

Gangwal, who holds 36.68 per cent, has sought permission to hold an extraordinary general (EGM) meeting, alleging that the company has participated in objectionable related-party transactions (RPTs).

Shares of IndiGo, India’s largest airline, nosedived as much as 17.54 per cent to hit a low of Rs 1,291 apiece on the BSE in the intra-day trade on Wednesday after promoters Rahul Bhatia and Rakesh Gangwal made serious allegations against each other, forcing the Securities and Exchange Board of India (Sebi) to intervene.

The stock, however, pared some of its losses later in the day to settle at around 11 per cent lower at Rs 1,398 apiece on the BSE. 

Gangwal, who holds 36.68 per cent, has sought permission to hold an extraordinary general (EGM) meeting, alleging that the company