After slipping by 2.83 per cent to Rs 1,615 on the NSE, the share price recovered to trade down by 2.17 per cent at Rs 1,626.00.
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Share price of InterGlobe Aviation Ltd slipped over 2 per cent on Wednesday after the parent company of budget carrier Indigo paid over Rs 2.1 crore to regulator Sebi to settle a case of alleged corporate governance lapses and listing norm violations.
On BSE, the stock was trading at Rs 1,625.20 down 2.19 per cent. Earlier it had hit a low of Rs 1,614.70 and high of Rs 1,696.
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After slipping by 2.83 per cent to Rs 1,615 on the NSE, the share price recovered to trade down by 2.17 per cent at Rs 1,626.00.
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The complaints were raised by the company’s co-promoter Rakesh Gangwal.
InterGlobe Aviation has settled the matter “without admitting or denying any violation on its part”, by paying a settlement charge of Rs 2.1 crore, according to a Sebi order passed on Tuesday.
The order comes more than a year after InterGlobe Aviation’s co-promoter Gangwal alleged corporate governance lapses at the company. Gangwal and co-promoter Rahul Bhatia have differences over certain corporate governance matters. Bhatia camp had rejected the allegations.
Gangwal’s complaints related to alleged corporate governance lapses, including those pertaining to Related-Party Transactions.
As of now, SEBI has not disposed the proceedings against the private firm but has reserved the rights to initiate them again if any data presented by InterGlobe Aviation is found untrue.
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