IndiGo parent InterGlobe Aviation’s share price fell 3.5% to Rs 2,044.25 after the co-founder and non-executive non-independent director resigned from the board with immediate effect on Friday.

In a letter to the board, Rakesh Gangwal said that his “intention is to gradually reduce stake in InterGlobe over the next five-plus years”.

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“I have been a long-term shareholder for more than 15 years and it’s only natural to someday think about diversifying one’s holdings,” Gangwal added in his letter.

InterGlobe declared a surprising profit of Rs 129.79 crore in the December quarter for the first time after declaring losses for seven straight quarters. Higher sales and yields boosted profit.

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IndiGo had posted a loss of Rs 621.80 crore in the previous fiscal’s equivalent quarter. Net sales climbed 89% year on year to Rs 9,294.77 crore from Rs 4,909.98 crore. Passenger ticket income increased by 98.4% to Rs 8,073.10 crore, while ancillary revenue increased by 41.3% to Rs 1141.70 crore in the same period last year.

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IndiGo said that its fuel costs were Rs 3,269 crore in Q3FY22, up 64% sequentially and 184% on a yearly basis.

The company’s total debt as of the end of the third quarter was Rs 35,153 crore, up 27% year on year, according to the company, which anticipates Q4FY22 capacity to be reduced by roughly 15% compared to Q3FY22.

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On 16 November 2021 and 20 April 2021, the share reached a 52-week high of Rs 2,379 and a 52-week low of Rs 1,502.90, respectively.