IndiGo stock down 2% on arbitration proceedings

New Delhi: Shares of IndiGo on Thursday slumped over 2 per cent after one of the main promoters Rahul Bhatia moved for arbitration proceedings amid differences with co-promoter Rakesh Gangwal.

The airline stock declined 2.22 per cent at Rs 1829.35, on the BSE. On the NSE, the scrip plummeted 2.13 per cent at Rs 1,830.

On Tuesday, InterGlobe Aviation -- parent of the country's largest airline IndiGo -- informed stock exchanges that Bhatia and his group InterGlobe Enterprises have submitted a request for arbitration on October 1 to the London Court of International Arbitration.

The request has been submitted under the shareholders' agreement, dated April 23, 2015. The pact was amended on September 17, 2015, the filing had said.

The agreement was executed between Bhatia's InterGlobe Enterprises Group (IGE Group), Gangwal, the Chinkerpoo Family Trust, Shobha Gangwal -- the RG Group -- and InterGlobe Aviation Ltd.