Shares of InterGlobe Aviation fell around 6 percent during the day (7.5% at closing) as investors turned cautious of summons by investigating agencies to its top management.
Source told CNBC-TV18, the Enforcement Directorate has summoned the top management of the carrier in a case related to violations related to foreign exchange management act (FEMA).
Further, the report added that the agency has been investigating the alleged violation by IndiGo for the last three years
https://www.moneycontrol.com/news/busin ... 10251.html
Indication of some much bigger trouble brewing for IndiGo? FEMA deals with trading Indian National Rupee (INR) with foreign currencies. Their violations in the past have been used by companies to store money in offshore countries to save on taxes or other benefits. (Read : Money Laundering)
Personally, I have seen ED issues summons only after they have gathered some strong evidence against the company.
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