The scrip of the company had fallen 4.17 per cent to Rs 1,300 during the day on the BSE.
The scrip declined 4.17 per cent to Rs 1,300 on the BSE.
Gangwal has sought Sebi's intervention into corporate governance lapses at the company.
IGE Group has now issued three statements in less than a week seeking to clarify issues and reject allegations made by Gangwal.
'Coterie' and personal 'fiefdoms' were among the interesting usages by SFIO in its report on irregularities at IL&FS.
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 IGE Group has ensured that no entity of the group should take any advantage under RPTs.