A security guard closes a gate as an Airbus SAS A320 aircraft operated by IndiGo, owned by Interglobe Enterprises Ltd., taxis to a parking slot at Chhatrapati Shivaji International Airport in Mumbai, India,(Photographer: Dhiraj Singh/Bloomberg)

IndiGo Says Exchanges Were Told Of Aditya Ghosh’s Exit On Time

InterGlobe Aviation Ltd.’s today said it informed the stock exchanges about Aditya Ghosh’s resignation well within timelines prescribed by the listing regulations.

Ghosh submitted his resignation as president and whole time director of the company on April 26, and the board informed the exchanges about his decision the following day, IndiGo’s parent company said in its filing with the exchanges.

His resignation from the post of the company’s president was accepted effective July 31, and as a director with effect from April 26, the filing added.

Ghosh’s exit triggered a sell-off in IndiGo, prompting the Securities and Exchange Board of India to investigate the price decline as well as the reasons behind the delay in the disclosure of Aditya Ghosh’s exit by the company, Bloomberg reported earlier.

The company, in its filing today, said it has “not received any communication from SEBI”.

SEBI is currently reviewing stock-price data to determine if market-sensitive information was disseminated properly or if insider-trading rules were breached, the Bloomberg report had said.

The stock fell 14 percent in three trading sessions following Ghosh’s resignation.

Also read: IndiGo Won’t ‘Miss A Heartbeat’ In The Transition From Aditya To Greg, Says Co-Founder