Shares of IndiGo operator Interglobe Aviation Ltd. rose to the highest in at least a week after the abrupt resignation of CEO Pieter Elbers. Rahul Bhatia, co-founder and managing director, has taken charge of the airline on interim basis.
IndiGo’s share price rose as much as 3.02% to an intraday high of ₹4,512.90 on the National Stock Exchange even as the benchmark Nifty 50 fell up to 0.50%.
The stock is reacting to the exit of Elbers and the return of Bhatia at the helm of affairs of India’s largest airline amid a double squeeze—an escalating Iran war has scuppered international operations of IndiGo even before it could fully recover from an operational meltdown three months ago.
“What happened last December should never have taken place… Our customers didn’t deserve it and nor did all of you, especially the frontline employees who bore most of the brunt for no fault of theirs…,” Bhatia wrote in an internal note, a copy of which was seen by Hindustan Times.
“I wish to place on record my indebtedness to all my colleagues who carried the company’s cross with grace and dignity, and ploughed through sleepless nights to restore IndiGo’s operational integrity. You are indeed the living spirit of IndiGo!”
Elbers, who took the helm of IndiGo in September 2022, built the airline into a $10-billion revenue enterprise, expanded its fleet to over 440 aircraft, and placed a historic order for 500 Airbus A320-family planes. However, his tenure will be remembered for the operational meltdown. Between 3 and 5 December 2025, IndiGo cancelled over 2,500 flights and delayed nearly 1,900 more — affecting over 300,000 passengers.
India’s civil aviation regulator, the Directorate General of Civil Aviation or DGCA, imposed a record fine of ₹22.20 crore and issued show-cause notices directly to Elbers. While he initially survived calls for his resignation, the crisis significantly dented the airline’s reputation for punctuality.
Bhatia promised to fix the mess.
In the internal letter, Bhatia sought the support of IndiGo employees “to ensure that we regain our right of choice with our customers and earn the distinction of being the pride of India”.
“Let us stay focused and accountable, remain fiercely united and committed to the cause, and continue to do what we do best—offer affordable fares, and a courteous and hassle-free travel experience to our customers.
“I look forward to working with all of you, and I take this occasion to extend very best wishes to you and your respective families.”
