Feud Atop Asia’s Biggest Budget Carrier Starts to Get Ugly
- IndiGo operator plunges in Mumbai trading as dispute deepens
- Co-founder accuses the other of dubious governance practices
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A dispute between the founders of Asia’s biggest budget airline deepened after one accused the other of dubious governance practices, roiling the company’s shares and raising concerns that the feud will drag on.
Billionaire Rakesh Gangwal informed IndiGo’s operator, InterGlobe Aviation Ltd., that he flagged some of his governance concerns about co-founder Rahul Bhatia to the Securities and Exchange Board of India, the company said in a statement late Tuesday. That prompted queries from the regulator, which InterGlobe will respond to by July 19, it said.