New Delhi: Shares of InterGlobe Aviation on Monday witnessed heavy volatility and settled for the day marginally down on the bourses following the announcement that Aditya Ghosh will step down as IndiGo President.
Following the announcement, shares of the company on Monday opened on a weak note at Rs 1,370.00, then fell to an intra-day low of Rs 1,361.75 and a high of Rs 1,438.95. The stock finally settled for the day at Rs 1,399.70, down 0.50 percent. Similar movement was seen on the NSE as well, where the stock opened at Rs 1,360.00, touched a high of Rs 1,443.45, a low of Rs 1,357.25 and finally ended the day at Rs 1,400, down 0.55 percent.
On April 27, IndiGo announced that Ghosh will step down as President and is likely to be replaced by one of its former executives Gregory Taylor. It further said that Rahul Bhatia, a promoter of the company, has been appointed as the interim CEO. Ghosh has stepped down as Whole Time Director of InterGlobe Aviation, the parent of IndiGo, effective from April 26 while his resignation as President would come into effect from July 31.
InterGlobe Aviation said Taylor, a former executive at the airline, has been appointed as a Senior Advisor and would report directly to Bhatia. "In the coming months, the Board will consider the appointment of Greg as President and CEO of the company, subject to receiving the necessary regulatory approvals and paperwork," InterGlobe said in a statement.
Ghosh, who has been with the airline for ten years, said it has been a most satisfying task building IndiGo. "It is now time for me to step off the treadmill and sometime in the near future embark on my next adventure. I wish all my colleagues at IndiGo the very best as they move on to the next phase of growth," he said.
IndiGo, which has a fleet of 160 aircraft, is the country's largest airline with a market share of nearly 40 percent. It operates around 1,000 flights daily.
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