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InterGlobe Aviation rallied over 2 percent in morning trade on Monday after the company over the weekend said Aditya Ghosh will step down as the President and Whole-Time Director of InterGlobe Aviation--which operates IndiGo airlines--from July 31.
The board will consider appointing Gregory Taylor as the President and CEO subject to regulatory approvals. Rahul Bhatia will be the interim CEO and will continue as the director.
The stocks has been an outperformer on a year-to-date (YTD) basis. It rose 17 percent so far in the year 2018 and on a 1-year basis it rallied nearly 30 percent.
Experts feel that the fundamentals of the company still remain intact and any dips should be used to buy into the stock.
“Aditya Ghosh had been the face and the most capable leader of Indigo. It is the team and the strategy which takes a business forward which remains intact. Every panic in Indigo because of the news is a terrific opportunity to buy,” Raamdeo Agrawal, joint MD at Motilal Oswal Financial Services told CNBC-TV18.
“The business strategy & team at Indigo remains intact. We hope the company will be able to repair the damage of Aditya Ghosh's exit. I am sure the management will bring an equally competent person in the place Mr. Ghosh,” he said.
The company is scheduled to report results for the quarter ended March 30 on 2nd May. Motilal Oswal which maintains a neutral rating on the stocks sees profit falling by 16 percent on a year-on-year basis and sequentially net profit could fall by 51 percent.
At 10:02 hrs Interglobe Aviation was quoting at Rs 1,418.80, up Rs 12.00, or 0.85 percent, on the BSE. It touched an intraday high of Rs 1,438.95 and an intraday low of Rs 1,361.75.
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