Indigo shares recover over 1% despite SEBI’s finding of corporate governance norms violation

By: |
February 26, 2020 7:19 PM

The company has been facing a probe by Sebi ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters.

Over 15 lakh shares of the company were traded on the NSE and 64,000 on the BSE.

InterGlobe Aviation shares on Wednesday gained more than 1 per cent despite reports that Sebi has found violations in corporate governance and listing disclosure norms of the company. The company has not received any communication from the Securities and Exchange Board of India (Sebi), it said in a clarification to the exchanges.

The company also termed the reports as “factually incorrect”. The stock fell 1.74 per cent to Rs 1,352.65 on BSE in early trade. Later, it recovered losses to settle 1.49 per cent higher at Rs 1,397.25.  On NSE, it fell 1.87 per cent to Rs 1,351.10 in early trade. It closed in green at Rs 1,397.55, up 1.50 per cent. Over 15 lakh shares of the company were traded on the NSE and 64,000 on the BSE.

The company has been facing a probe by Sebi ever since a public spat came to light between two founders of the airline, including over certain related party transactions involving one of the warring promoters.

Sources said that a preliminary probe has now suggested violation of certain listing disclosure norms as also of fair corporate governance practices at the company.

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