The matter relates to a spat between the co-founders over payment of rent for the airline's headquarters owned by Mr Bhatia's InterGlobe Enterprises, and crew staying at hotels where InterGlobe Enterprises has a stake.

InterGlobe Aviation CEO Ronojoy Dutta said on Wednesday that the issues between the company's promoters have nothing to do with its functioning.

"As much it is very important that we all remain focused on running high performance airline," he wrote in a letter to the employees, asking them to continue their work as usual.

IndiGo is the country's largest airline and a rare success story in the challenging aviation industry.

The letter from Mr Dutta to the company's staff came after a spat between the IndiGo co-founders Rakesh Gangwal and Rahul Bhatia became public on Tuesday.

The airline's mission, direction and growth strategy remain unchanged, and firmly in place, the CEO said, seeking to allay employees' concerns.

As of Thursday's closing price, IndiGo shares have declined by Rs 215.4 - or 13.72 per cent - in three consecutive sessions, data from the NSE showed.

At 2:28 pm, IndiGo shares traded 0.31 per cent higher at Rs 1,359.00 apiece on the BSE, in line with a 0.40 per cent gain in the benchmark Sensex index at the time.

IndiGo shares traded with large volumes, with 3.3 lakh shares having changed hands as against an average of 2.17 lakh in the past two weeks.