Stock in focus: Shares of InterGlobe Aviation, parent company of India’s largest airline IndiGo, will remain in focus on Wednesday, March 11, after its chief executive officer Pieter Elbers stepped down from the role on Tuesday, citing personal reasons.
IndiGo informed stock exchanges that Elbers had resigned with immediate effect, following which the founder and managing director, Rahul Bhatia, has taken over as interim chief.
“We wish to inform you that the Board of Directors of the Company, at its meeting held today, i.e., March 10, 2026, inter alia, took note of the resignation tendered by Mr Pieter Elbers, Chief Executive Officer. He will be relieved from the service of the Company effective close of business hours on March 10, 2026. Mr Rahul Bhatia, Managing Director, shall, in the interim, assume management of the affairs of the Company,” the aviation company said in the filing.
The exit of Pieter Elbers comes nearly three months after the airline was hit by a major operational crisis that disrupted hundreds of flights and left at least three lakh passengers stranded.
Following the incident, the aviation regulator Directorate General of Civil Aviation imposed penalties totalling ₹22.20 crore on IndiGo and initiated additional corrective measures in response to the disruptions.
Elbers, who took charge of the airline in September 2022, had been facing pressure since the operational disruption in December, which was widely regarded as the airline’s worst in recent years.
In his resignation letter to Bhatia, Elbers cited personal reasons for stepping down and requested that his notice period be waived.
“As per our conversation, due to personal reasons, I herewith submit my resignation from the position of CEO of IndiGo with effect from today. I would request that the notice period be waived,” Elbers said in his resignation letter.
Co-founder and Managing Director Rahul Bhatia will oversee the operations of IndiGo on an interim basis until a new appointment is made, which the airline said is likely to happen soon. Notably, this marks the second time Bhatia has taken on the interim CEO role, having previously stepped in during 2018, according to Mint.
The departure of Pieter Elbers also comes amid escalating tensions in the Middle East, which have disrupted international flight routes — several of which are key high-yield markets for IndiGo.
IndiGo share price trend
On Tuesday, the multibagger aviation stock closed 3.46% higher at ₹4,383.50 apiece on NSE.
IndiGo share price has largely remained under pressure in the near term as the stock has shed 12.57% in a month and 23% in six months.
Looking at the broader level, the stock has descended 14.23% in terms of year-to-date (YTD) and nearly 8% in a year.
However, the aviation share has proven to be a multibagger stock by delivering 163% returns in the last five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
