India’s market regulator is examining the cause for the worst drop in seven months in InterGlobe Aviation Ltd.’s shares before the operator of the nation’s largest airline announced the resignation of its president, according to people with knowledge of the matter.
The Securities and Exchange Board of India is investigating a 6.1 percent tumble in the stock on April 27, as well as the reasons behind the delay in the disclosure of Aditya Ghosh’s exit, the people said, asking not to be identified due to the sensitivity of the matter. Ghosh resigned as a director on April 26, a day before the company made the announcement.
A spokesman for the regulator didn’t respond to an email and a phone call seeking comment, while an external spokesman for IndiGo said the company “has complied with all stock exchange listing requirements relating to the announcement.”
The watchdog is reviewing stock-price data to determine if market-sensitive information was disseminated properly or if insider-trading rules were breached, the people said. SEBI will also seek details of connected persons who were aware of Ghosh’s move, they said.
Indigo’s shares slid 4.3 percent to 1,342.85 rupees, the lowest in a month, in Mumbai on Wednesday.
02/05/18 Santanu Chakraborty/Bloomberg
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The Securities and Exchange Board of India is investigating a 6.1 percent tumble in the stock on April 27, as well as the reasons behind the delay in the disclosure of Aditya Ghosh’s exit, the people said, asking not to be identified due to the sensitivity of the matter. Ghosh resigned as a director on April 26, a day before the company made the announcement.
A spokesman for the regulator didn’t respond to an email and a phone call seeking comment, while an external spokesman for IndiGo said the company “has complied with all stock exchange listing requirements relating to the announcement.”
The watchdog is reviewing stock-price data to determine if market-sensitive information was disseminated properly or if insider-trading rules were breached, the people said. SEBI will also seek details of connected persons who were aware of Ghosh’s move, they said.
Indigo’s shares slid 4.3 percent to 1,342.85 rupees, the lowest in a month, in Mumbai on Wednesday.
02/05/18 Santanu Chakraborty/Bloomberg
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