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The tiff between the co-founders of IndiGo has spread to the public domain after Rakesh Gangwal complained to the Securities and Exchange Board of India (SEBI) against co-promoter Rahul Bhatia. As the conflict intensified, InterGlobe Aviation Ltd shares fell nearly 20% on Wednesday morning. Although they have recovered slightly, badysts believe that the worst is yet to come. Analysts are not particularly concerned about the immediate impact on the company's financial statements, but concerns about governance failures may affect valuation multiples.
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