InterGlobe Aviation shares fall 4% after IndiGo co-founder Rakesh Gangwal resigns from board

Airline (InterGlobe Aviation shares fall 4% after IndiGo co-founder Rakesh Gangwal resigns from board)
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Today the share price of Interglobe Aviation, the parent company of leading Indian airline IndiGo in the early trade went down almost 4%.

The company’s co-founder Rakesh Gangwal took the decision to resign from the company’s board. Where he was playing the role of a non-executive non-independent director.

Rakesh Gangwal also said that he will gradually reduce his stake in IndiGo over the next 5 years.

However, Rakesh Gangwal in his letter also said that he is very positive about the long-term prospects of IndiGo, and the Indian aviation industry will prosper in the times to come.

This month Interglobe Aviation announced the results of its Q3 FY22. Where the company recorded a profit of Rs 129.79 crore in this quarter after booking a loss for 7 consecutive quarters.

This profit was made possible due to higher revenue and yield.

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This article is only for education purpose and the author has his own views and research, so if you invest in these stocks then do it at your own risk and do the research yourself before investing.

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