Battered by the pandemic, the airline industry is slowly coming back to normalcy and the resumption of normal overseas flights is expected to provide a fillip to the sector.
The IndiGo stock fell 4.46 per cent to Rs 2,025.45 per share on the BSE while on NSE, it fell as much as 4.32 per cent to Rs 2,025.20 per share
Gangwal's resignation came as he intends to slowly reduce his stake in the company over the next five years.
Earlier this month, the Centre had announced that scheduled commercial international flights will resume in India from March 27.
IndiGo is India's biggest airline with a 53.5 per cent market share in October 2021. Bhatia and his group companies control about 38 per cent of InterGlobe, while Gangwal and affiliates own around 37 per cent.
The scheduled international flight services have remained suspended in India since March 23, 2020, in view of the Covid-19 pandemic