InterGlobe Aviation slips 4% after promoter Rakesh Gangwal steps down

While new investors should benefit from the potential future growth in the company's share price, a gradual reduction of my stake should also allow me to benefit from some of the upside, GangwaL said.

Shares of InterGlobe Aviation – parent company of the low-cost airline IndiGo – were down 4 per cent at Rs 2,025 on the BSE in Monday’s intra-day trade after one of its promoter and co-founder Rakesh Gangwal stepped down from the airline’s board.

The stock of airline company traded lower for the fourth straight day, down 8 per cent during the same period. In the past three months, the stock has underperformed the market by falling as much as 8 per cent, when compared with a 3.5 per cent decline on the S&P BSE Sensex.

“Rakesh Gangwal, Non