IndiGo faces over Rs 2.76 crore in fines from customs authorities, airline to contest orders
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IndiGo is facing penalties exceeding Rs 2.76 crore from customs authorities in Ahmedabad and Chennai, but the airline has confirmed it will challenge the demands.
In regulatory disclosures on Tuesday, IndiGo said it received penalty orders of Rs 2.20 crore from the Principal Commissioner of Customs in Ahmedabad and Rs 56.2 lakh from the customs office at Meenambakkam, Chennai, reported news agency PTI.
The notices were served on May 26 and 27, respectively, and relate to customs duty claims raised by the authorities.
The airline asserted that all customs duties were duly paid and that it stands by the correctness of its actions. IndiGo added that it plans to file appeals with the appropriate appellate bodies.
Airlines' parent company InterGlobe Aviation clarified that the penalties are not expected to materially impact its financial position, operations, or other business activities.
Shares of the company declined nearly 2 per cent on Tuesday, closing at Rs 5,313.15 on the BSE.
Meanwhile, in a separate development, InterGlobe Aviation saw its promoter Rakesh Gangwal and the Chinkerpoo Family Trust sell 5.72 per cent ownership through open market deals for Rs 11,564 crore. According to the National Stock Exchange's bulk deal information, Gangwal and the trust, which is administered by Shobha Gangwal and JP Morgan Trust Company of Delaware, sold 2.21 crore equity shares.
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The shares were sold at a price range of Rs 5,230.99-5,235.31, with the total transaction value reaching Rs 11,563.79 crore. After these sales, Gangwal's ownership in IndiGo declined to 4.7 per cent from the previous 5.30 per cent, and simultaneously, the trust's shareholding diminished to 3.08 per cent from its earlier position of 8.23 per cent.
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Rakesh Gangwal, family trust offload 5.72% stake in IndiGo worth Rs 11,564 crore
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