InterGlobe Aviation shares, which house IndiGo Airlines, fell more than 4 percent in the early session of trading on Thursday after a report of the promoter Rakesh Gangwal's family offloading shares worth Rs 7,085 crore in a block deal.
The stock touched Rs 5,789 at 11:38 am, 4.31 percent, or Rs 261, below the previous closing price.
The Gangwal family will be selling 1.2 lakh shares, worth Rs 7,085 crore at an average price of Rs 5,830 per share.
In earlier reports, it was said that the family intends to sell as much as 3.1 percent of InterGlobe Aviation in block deals of around Rs 7,020 crore. A floor price of Rs 5,808 per share—about 4 percent lower than the closing price of the previous session—was estimated for the deal.
This exit is the latest in the family's gradual decampment from IndiGo. Since Rakesh Gangwal resigned from the board in February 2022, the family has offloaded almost 9 percent of the airline. Through these stake cuts, Rakesh Gangwal and his family have mobilized over Rs 45,300 crore since 2022.
Some of the key deals include a 2.74 percent stake sale in September 2022 for Rs 2,005 crore, a 4 percent stake sale by his wife, Shobha Gangwal, in February 2023 for Rs 2,944 crore, and a further 2.9 percent stake sale in August 2023 for slightly over Rs 2,800 crore.
Meanwhile, even though revenue grew 4.7 percent, IndiGo posted a year-on-year fall of 20 percent in net profit in the first quarter of FY26, recording earnings of Rs 2,176 crore. A fall in profitability was mainly due to increased fuel prices, changes in currency, and external pressures.
However, the carrier sustained strong operational performance, with a 84.2 percent passenger load factor and an 87.1 percent on-time performance that demonstrated its operation efficiency.
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