Shares of InterGlobe Aviation, the parent company of IndiGo, rose nearly 3% in early trade on Wednesday after the airline announced the resignation of its chief executive officer, Pieter Elbers. The company said co-founder and managing director Rahul Bhatia will oversee operations on an interim basis until a new CEO is appointed.

Snapping a two-session losing streak, IndiGo shares jumped as much as 2.75% to ₹4,503.10 on the BSE, after losing nearly 6% in the past two sessions amid concerns over a sharp spike in crude prices and escalating geopolitical tensions in the Middle East.

The heavyweight touched its 52-week low of ₹4,035.65 in the previous session amid a surge in oil prices that reignited concerns over rising fuel costs and profitability for airlines, where aviation turbine fuel (ATF) accounts for a significant portion of operating expenses.

Early today, the aviation stock opened slightly lower at ₹4,345.60, down 0.84% against the previous closing price of ₹4,382.45 on the BSE. Rebounding from the day’s low level, the blue-chip stock gained as much as 3.6% amid value buying after the recent correction.

By 9:50 am, IndiGo shares were trading at ₹4,504.70, up 2.79% on the BSE, with a market capitalisation of about ₹1.74 lakh crore.

The rebound came a day after IndiGo said Pieter Elbers had stepped down as CEO citing personal reasons. Elbers, who took charge in September 2022, had been under pressure following a major operational disruption in December 2025, when hundreds of flights were affected and around three lakh passengers were stranded.

Despite Wednesday’s recovery, the stock has remained under pressure in recent months. It has declined 13.4% so far in 2026, underperforming the BSE Sensex, which is down 7.7% during the same period. Over the past year, the stock has fallen 6%, though it has delivered strong long-term gains of 32.9% over three years.

Technically, the stock is trading above its 5-day moving average but below the 20-day, 50-day, 100-day and 200-day moving averages, indicating lingering weakness in the broader trend despite the short-term bounce.

In an exchange filing last evening, InterGlobe Aviation said Pieter Elbers has resigned with immediate effect, adding that Rahul Bhatia will take interim charge of the airline until a new chief executive is appointed.

“With immediate effect, Pieter Elbers will be stepping down as InterGlobe Aviation Limited’s (IndiGo) CEO. The Board of Directors would like to thank Pieter for his contribution and service to the organization and wishes him well in his future endeavours,” it said in a BSE filing.

“Rahul returns to assume management of the affairs of the airline to strengthen the company’s culture, reinforce operational excellence and deepen its commitment to delivering exceptional service, care, reliability and professionalism to its customers,” said the Chairman of the Board, Vikram Singh Mehta.

The company said the board will soon begin the process of selecting a permanent successor to lead the airline through its next phase of expansion.

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