IndiGo poised for biggest drop in year after reports billionaire founders hired lawyers

IndiGo fell the most in a year amid reports its billionaire founders have hired law firms after differences cropped up between them. Rahul Bhatia and Rakesh Gangwal are trying to sort out disagreements about the carrier’s future strategy and clauses in the company’s shareholder agreement, it was reported Thursday, citing unnamed people close to the development. Legal firms Khaitan & Co and J Sagar Associates are working with the founders to find a solution. The growth strategy of the airline “remains unchanged and firmly in place,” CE Ronojoy Dutta said in an email to employees. Representatives for IndiGo declined to comment. Shares of InterGlobe Aviation slid 9% Thursday, their biggest drop since last May. The stock, which closed at an all-time high Wednesday, has gained about 26% so far this year. <br/>