Shares of IndiGo are reeling under selling pressure, citing turbulance over CEO Dutta’s departure; KLM veteran Elbers is the new pilot.
Interglobe Aviation
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Interglobe Aviation share price fell nearly 7 percent in the morning trade on May 19, a day after the company said that the chief executive officer Ronojoy Dutta will retire in September.
Dutta, 71, was appointed at the helm of IndiGo in January 2019. He has “decided to retire on September 30, 2022”, after guiding IndiGo “through the turbulent Covid period”, statement issued by the airline said.
The board of directors of InterGlobe Aviation Limited, the carrier’s parent firm, has “appointed Pieter Elbers as the next chief executive officer, subject to regulatory approvals”, it added.
Elbers, who has served as the chief executive of KLM Royal Dutch Airlines, will join IndiGo on or before October 1, 2022, the statement said.
The company has put off its board meeting to next week to announce quarterly numbers. The meeting was to be held on May 18.
The meeting will now be held on May 25, 2022, to consider and approve the financial results of the company for the quarter and the financial year ended on March 31, 2022.
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At 10.14 am Interglobe Aviation was quoting at Rs 1,675.95, down Rs 18.55, or 1.09 percent, on the BSE.
The share touched a 52-week high of Rs 2,379 and a 52-week low of Rs 1,556.25 on November 16, 2021 and March 8, 2022, respectively. It is trading 29.98 percent below its 52-week high and 7.04 percent above its 52-week low.
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