D-Mart has surged 6% to Rs 1,517, while IndiGo rallied 5% to Rs 1,249 on the BSE in intra-day trade.
Gangwal had recently approached Sebi, raising concerns linked to lapses in corporate governance at IndiGo, blaming co-promoter Bhatia for the same
IndiGo confirmed the incident, which is now being investigated by aviation regulator Directorate General of Civil Aviation (DGCA).
InterGlobe Aviation (IndiGo), Jet Airways and SpiceJet were trading in the range of 3% to 5%, as compared to a marginal 0.1% decline in the S&P BSE Sensex at 09:50 AM.
During the past week, the airline's stock has rallied 23 per cent as against a per cent rise in the benchmark index.
This is the time for IndiGo to be rewarding shareholders by consolidating its leadership position and filling the gap left by Jet
The market regulator has asked the company to give response to the allegations by July 19
Rahul Bhatia's group Wednesday said that all related party transactions with the company have been executed at arms length basis in ordinary course of business
The stock dipped 11% to Rs 891, also its 52-week low on the BSE after the company reported a 96% year on year (yoy) decline in net profit at Rs 278 million in June 2018 quarter.
The stock hit 52-week low of Rs 1,002, falling 11% in past two weeks from Rs 1,122 on July 17, as compared to 1.1% rise in the Sensex.
Ability of market to absorb increase will weigh on stock
SpiceJet (down 9% at Rs 120) and Jet Airways (down 6% at Rs 556) were down more than 5% as compared to 0.16% decline in the S&P BSE Sensex at 09:55 am.
The weakness in the stock, analysts say, is a knee-jerk reaction to the news of its president, Aditya Ghosh, unexpectedly quitting on Friday. Going ahead, oil prices, Q4FY18 results will dictate trend
Rahul Bhatia takes over as interim CEO effective immediately
InterGlobe Aviation, the owner of India's biggest airline IndiGo, has dipped 3.3% to Rs 1,142 on the BSE in intra-day trade. The shares will be sold at a floor price of Rs 1,130 per share
Based on the floor price, the share sale would fetch at least Rs 1,265 crore
The company sold about 22.4 million new shares
Sources say the share sale saw participation from both FIIs and mutual funds
As of June 30, Gangwal and Chinkerpoo Family Trust owned 16.83 percent and 15.59 percent stakes in the co
InterGlobe Aviation, SpiceJet and Jet Airways (India) were up in the range of 1% to 3% on BSE