Automobile

Rakesh vs. Rahul: how the ripples of a settled dispute are haunting IndiGo’s investors

By Eduardo Saverin

IndiGo founders Rahul Bhatia (L) and Rakesh Gangwal (R) during happier times in 2006, the year of the airline’s launch.

Synopsis

The biggest challenge for IndiGo’s investors is not just Rakesh Gangwal’s exit, but the way in which it is panning out. Clearly, the airline’s CEO Pieter Elbers has got a hard row to hoe.

Months before the pandemic grounded the civil aviation industry, IndiGo’s former CEO Ronojoy Dutta had started nursing a wound that had scarred India’s most valued airline. In 2019, IndiGo co-founder Rakesh Gangwal accused another co-founder, Rahul Bhatia, of misgovernance. The airline’s stock crashed nearly 20% to around INR1,200 after the dispute became public in May 2019. Dutta, popularly known as Rono, did what he was expected of him as the

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Eduardo Saverin