InterGlobe Aviation has come under intense regulatory scanner and there are indications of multiple violations of Sebi norms.
This is the second time in three days that Bhatia camp has issued a statement.
On the BSE, the scrip declined 3.07 per cent to close the counter at Rs 1,354.85.
Responding to the allegations, SEBI had sought a reply from InterGlobe by July 19.
The scrip tanked 10.73 per cent to close at Rs 1,397.75 on the BSE. During the day, it plunged 17.54 per cent to Rs 1,291.
The issues brewing for nearly a year, Gangwal has sought markets regulator Sebi’s intervention to address the problems.
After Gangwal wrote to the board seeking an extraordinary general meeting, Bhatia, on June 12, opposed the proposal.
The scrip dropped to Rs 1,409.20 on the BSE in early trade. On the NSE it fell to Rs 1,409.70.
According to Rakesh Gangwal, the shareholders' agreement provides Rahul Bhatia unusual controlling rights over IndiGo.
Shares of InterGlobe Aviation closed marginally lower at Rs 1,565.75 on the BSE.