IndiGo co-founder Rakesh Gangwal resigns from board, to cut down stake

One of the Co-founders of domestic airline company IndiGo, Rakesh Gangwal, has resigned from the board, its parent company Interglobe Aviation said in an exchange filing on Friday.

Gangwal, a non-executive, non-independent director intends to slowly cut his stake in the company over the next five years, the filing said.

"In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that Mr Rakesh Gangwal, Non Executive, Non Independent Director has tendered his resignation from the Board of Directors of the Company vide his letter dated February 18, 2022, with immediate effect. A copy of the said letter is attached herewith," the exchange filing said.

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Shares of Interglobe Aviation today ended at Rs 2113 on the NSE, down over 2 per cent from the last closing price on Thursday.