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IndiGo shares slip 3% after block trade; check likely seller here
Shares of InterGlobe Aviation dropped over 3 per cent on Tuesday after 2.26 crore shares changed hands at the market open.
India's largest airline, IndiGo stock fell as much as 3.5 per cent during the day to ₹5,230 per share, the lowest level since May 8 this year. The stock pared losses to trade 2 per cent lower at ₹5,314 apiece, compared to a 0.74 per cent decline in Nifty50 as of 9:35 AM.
Shares of the company fell for the second straight day, and have fallen by 7 per cent from its all-time high, which it hit earlier this month. The counter has risen 16.5 per cent this year, compared to a 5 per cent advance in the benchmark Nifty50. IndiGo has a total market capitalisation of ₹2.05 trillion.
IndiGo block deal
About 2.26 crore shares, or 5.80 per cent equity, changed hands for ₹11,928 crore on Tuesday, according to reports. The trade happened at the price of ₹5,260.5, lower than the previous day's close. Buyers and sellers were not known immediately.
Business Standard earlier reported that promoter Rakesh Gangwal will divest about 3.4 per cent stake in IndiGo for ₹6,831 crore, as part of his long-term plan to gradually reduce stake. The floor price for the transaction had been set at ₹5,175 per share, nearly 4.6 per cent below the last closing price of ₹5,424. Currently, Gangwal and his related entities hold a 13.53 per cent stake in IndiGo.
Investment banking firms Goldman Sachs (India) Securities, Morgan Stanley India Company and J P Morgan India are said to be the placement agents for the stake sale
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In August last year, Gangwal and his family trust sold a 5.83 per cent stake for about ₹10,500 crore. In March 2024, he offloaded another 6 per cent for ₹6,786 crore. In 2023, his wife Shobha Gangwal sold 3 per cent in August for ₹2,802 crore, and his family a 4 per cent stake for ₹2,900 crore in February.
IndiGo Q4FY25 results
This was driven by a surge in travel demand during the Mahakumbh in Prayagraj, an extended wedding season, a sharp reduction in the number of grounded aircraft over the last few quarters, and effective cost control.
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