Mumbai : InterGlobe Aviation, the parent company of Indigo, on Wednesday clarified that it has not received any summons from Enforcement Directorate (ED) in a case related to violations under Foreign Exchange Management Act (FEMA).
The clarification has come in the wake of news being telecast on various news channels stating ED summoned top management of IndiGo Airlines for FEMA.
Sanjay Gupta, company secretary and chief compliance officer, said in the regulatory statement, “We hereby clarify that we have not received any such summons.” On Wednesday, shares of InterGlobe Aviation declined by 7.5 per cent to close at Rs 1,136 on the news of the airline being pulled up by the ED. Currently, the share is down by 22.34 per cent compared to its 52-week high and 15.4 per cent above its 52-week low. Following the fall in the stock, the company’s market valuation plunged by Rs 3,535.62 crore to Rs 43,674.38 crore. The media reports stated that ED will question the airline for the transactions relating to three last three years. Indigo has been going through a rough patch. Recently, the P&W engine problems had led to the grounding of around 25 Airbus A320 neo aircraft of IndiGo and GoAir during the period from April 2017 to March this year.
