IndiGo CEO writes to staff as its shares tank

The Chief Executive Officer of the budget carrier IndiGo has written a letter to all its employees, assuring that everything is fine within the company, as the company shares have been tanking on the bourses.

A screenshot of Ronojoy Dutta's letter

"I want to assure you that the growth strategy of the airline remains unchanged and firmly in place, and the management is fully charged by the board to implement it," CEO Ronojoy Dutta said in a letter accessed by DH.

He also said that the company will continue its focus on creating value for its shareholders, customers, and employees.

In an apparent bid to bar staff from speaking to the media, the company CEO has told all its staff to direct any kind of queries to its media team.

At the time of the filing this copy, the company's shares were trading Rs 134.85 lower (8.38%) on the BSE at Rs 1473.7 per scrip.

The IndiGo founders -- Rahul Bhatia and Rakesh Gangwal -- have been at the loggerheads with each other over the growth strategy of the company and both have hired law firms. Bhatia and Gangwal have hired law firms JSA Law and Khaitan & Co, respectively, for dispute resolution, and, according to the industry sources, the issue is likely to go to the National Company Law Tribunal (NCLT).

Also Read: IndiGo founders at loggerheads with each other: report