InterGlobe Aviation Limited (NSEI:INDIGO) (IndiGo) Co-Founder Rakesh Gangwal has resigned from the board and is planning to cut his stake in the airline over the next five years, InterGlobe Aviation Limited said in an exchange filing on February 18, 2022. Gangwal and his family owns 36.61% stake in the parent company, while another co-founder and Managing Director Rahul Bhatia and his family owns about 37.8%, giving them both a major say in the carrier's strategy. "I have been a long-term shareholder in the company for more than 15 years and it's only natural to someday think about diversifying one's holdings," Gangwal said in a letter to the board of InterGlobe Aviation.

Gangwal said he was stepping down immediately as he did not want to hold access to unpublished price sensitive information while he began trimming his stake in the company.