Interglobe Aviation, the parent company of IndiGo, traded in the green on Tuesday, 28 July, despite a major reorganization in its top management. IndiGo opened higher on July 28; the stock hit an intra-day high of Rs. 5,255 on the NSE, up from its previous close of Rs. 5,230.
The upside was welcomed by investors who were seemingly unmoved by the reorganization as the company revealed another notable change in financial leadership.
IndiGo has now appointed Deputy Chief Financial Officer (CFO) Kiran Thadimarri as its new CFO from July 28. The change comes after the current CFO, Gaurav Negi, was redesignated as the Advisor to the Managing Director at the end of the business day on July 27.
The company also announced that Thadimarri will be its Key Managerial Personnel (KMP).
Thadimarri is a chartered accountant with over 24 years of experience in financial planning and analysis (FP&A), treasury, taxation, audit, capital raising, controllership, and investor relations.
“He has held key leadership positions at InterGlobe Enterprises, Udaan (India's foremost eB2B ecommerce company), and as co-founder & CFO at Genworks Health and more than a decade at General Electric Company,” the company said.
The recent appointment is the seventh big reshuffle since Rahul Bhatia became interim Managing Director in March as the co-founder.
The company's Board of Directors approved Negi’s redesignation on Monday, but did not provide any specific reason other than his new advisory role.
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The IndiGo shares have traded mixed in the past few months. It's down approximately 1% for the week and 3.8% for the month and around 3% higher year-to-date, but nearly 9% lower than a year ago.
While the stock price has been volatile in the short term, the airline has posted strong long-term returns. IndiGo's share price has increased by around 100% over the last three years and 214% during the last five years, showing steady investor trust in India's top airline.