BUZZ-India's IndiGo rises after CEO Pieter Elbers resigns

Reuters03-11
BUZZ-India's IndiGo rises after CEO Pieter Elbers resigns

**Shares of airline carrier IndiGo INGL.NS rise 2.7% to 4500 rupees

**Co's CEO Pieter Elbers resigns; airline's co-founder and managing director Rahul Bhatia to assume role of interim CEO

**Departure follows months of scrutiny over the carrier's failure to plan properly for pilot rest and duty rules that left tens of thousands of passengers stranded

**India's aviation regulator fined IndiGo $2.45 million and reprimanded several senior executives in the aftermath

**HSBC ("Buy"; PT: 5,860 rupees) anticipates positive upgrades to the business post Elbers' resignation; believes co will continue to maintain its strong competitive positioning

**Jefferies ("Buy"; PT: 6,140 rupees) says markets will track whether promoter-led interim leadership sharpens focus on reliability, regulatory compliance and culture

**Stock rated "Buy" on average by 23 analysts; median PT at 5,880 rupees, per data compiled by LSEG

**YTD stock down 11.2%

(Reporting by Mridula Kumar in Bengaluru)

((Mridula.Kumar@thomsonreuters.com;))

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