Mumbai: InterGlobe Aviation Ltd, which operates India’s largest airline IndiGo, on Thursday told the bourses that the company disclosed the information on the resignation of its president and whole time director Aditya Ghosh to the stock exchanges well within timelines prescribed by the listing regulations.
The board, which received Ghosh’s resignation letter on 26 April, met on 27 April to consider its top executive’s decision and informed the stock exchanges on the same day, the company said in a clarification note to the stock exchanges.
“Shortly after the board meet in which Aditya Ghosh’s resignation was accepted, the company vide its letter no. IGAL/SECT/04-18/15 dated April 27, 2018, informed the exchanges about Aditya Ghosh’s resignation," the company said.
“Please note the company hasn’t received any communication from Sebi (Securities and Exchange Board of India) in this regard," it said, adding the firm has complied with all requirements of Sebi Regulations 2015, including listing obligations and disclosure requirements, in this regard.
Mint had on 3 May reported that Sebi is looking into a plunge in shares of InterGlobe Aviation just before it announced the departure of Ghosh, quoting two people in the know. The report said Sebi is also checking if InterGlobe disclosed the resignation news in time, and if there are any violations of insider trading rules.
IndiGo had on 27 April said that its president Ghosh will resign from the position effective 31 July. Earlier that day, shares of InterGlobe fell as much as 6.1%.
Shares of InterGlobe Aviation Ltd fell nearly 11% on Thursday, after India’s largest airline company reported a 75% drop in its March quarter earnings the previous day.
The fall is the steepest since 2 August 2016 for InterGlobe, which operates low-fare airline IndiGo. During the day, the stock slumped as much as 17.57% to hit Rs1,111.30, a level last seen on 18 October 2017. It finally closed at Rs1,205.80 on BSE, down 10.57%.