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InterGlobe Aviation stock tanks 9 pc amid reports of rift between promoters

Press Trust of India  |  New Delhi 

Shares of dropped nearly 9 per cent Thursday amid reports of rift between promoters of

The scrip tumbled 8.82 per cent to close at Rs 1,466.60 on the BSE. During the day, it tanked 9.82 per cent to Rs 1,450.50.

At the NSE, shares plummeted 8.40 per cent to close at Rs 1,475.

Following the plunge in the scrip, the company's market valuation dropped by Rs 5,455.89 crore to Rs 56,377.11 crore on the BSE.

In terms of traded volume, 3.70 lakh shares were traded on the BSE and over 70 lakh shares on the NSE during the day.

Thursday told employees that the airline's growth strategy remains unchanged and is firmly in place, amid reports of rift between two promoters of the country's largest carrier.

"I want to assure you that the growth strategy of the remains unchanged and firmly in place, and the management is fully charged by the board to implement it," Dutta said in a communication to employees.

Without directly mentioning about the rift between promoters, Dutta referred to in this regard in the communication.

"I am sure that you are all aware of the press reports regarding alleged disagreements between our two promoters and Rakesh Gangwal," he said.

is yet to issue a formal statement on the rift between the promoters.

Meanwhile, BSE has sought clarification from with reference to that Bhatia and Gangwal differ over airline's control and performance.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 16:31 IST