IndiGo share price today: InterGlobe Aviation stock tanks 6%; reports suggest promoter planning $1 billion stake sale
Earlier this week, IndiGo's shares reached a 52-week peak of Rs 5,474, bolstered by robust Q4 performance.
IndiGo share price today: InterGlobe Aviation's stock, the parent company of
IndiGo
, fell by approximately 6% to Rs 5,175 on Friday following reports indicating InterGlobe Enterprises' potential sale of roughly 4% ownership through block transactions.
According to a CNBC-TV18 report, the promoter group aims to generate approximately $1 billion from this stake sale. At present, InterGlobe Enterprises maintains a 35.70% ownership stake in the organisation.
This development follows co-promoter Rakesh Gangwal's continuous reduction in shareholding, having disposed of shares valued at Rs 40,000 crore since 2022. Gangwal presently retains a 7.8% stake in the airline, an ET report said.
Earlier this week, IndiGo's shares reached a 52-week peak of Rs 5,474, bolstered by robust Q4 performance and positive outlook regarding international capacity growth. However, Friday's decline indicates investor wariness regarding substantial promoter share sales.
Investor sentiment also deteriorated following a tragic Air India Boeing 787-8 Dreamliner accident near Ahmedabad during its London-bound flight, resulting in several fatalities.
The ET report said that the situation worsened due to heightened international conflicts. Israeli forces conducted operations against Iran's nuclear and missile installations, describing it as a "preemptive strike."
The strike caused Brent crude prices to surge by approximately 10%, reaching $78.50 per barrel, marking its peak since January and recording a 12% weekly increase. Similarly, WTI experienced a rise exceeding 9%, reaching $74.47.
Dr. V K Vijayakumar of Geojit Financial Services said: "This could have deep economic consequences if tensions escalate further. A retaliatory move like blocking the Strait of Hormuz could squeeze global supply and lift oil prices even higher."
The substantial increase in crude prices particularly affected the aviation sector, as fuel expenses constitute a major operational cost, leading to increased pressure on airline stocks.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
26 minutes ago
- Hans India
Rs 159.59 cr sanctioned for ROBs
Guntur: Union Minister of State for Rural Development Dr Pemmasani Chandrasekhar said the Union Ministry of Railways has sanctioned Rs 159.59 crore for the construction of Syamala Nagar and Sanjeevaiah Nagar ROBs. He made it clear that the Centre will bear full expenditure for the construction. In a statement, he said so far, the Union Ministry of Railways sanctioned ROBs at Sankar Vilas Centre, Gaddipadu, Pedaoalakaluru, Nandivulugu and Mangalagiri at a cost of Rs 572.47 crore. He said he met railway general manager Ajay Jain and thanked him for sanctioning Rs 572.47 crore for ROBs.
Time of India
32 minutes ago
- Time of India
Can rupee recover from its worst fall in over a month due to rising oil prices?
Mumbai: The Indian rupee weakened by 60 paise to touch 86.20 per dollar on Friday, its worst fall in over a month due to rise in crude oil prices amid Israeli strike on Iran. The currency however closed stronger at 86.08 per dollar, likely due to intervention by the Reserve Bank of India , traders said. Rupee had closed at 85.60/$1 on Thursday. The 10-year bond yield touched 6.40% levels in the early hours of trading, before easing and closing at 6.36%, up two basis points from its previous close. The rupee traded between the range of 86.20/$1 to 85.93/$1, strengthening mildly in between due to central bank intervention and muted dollar sales by foreign banks, traders said. Agencies Brent crude oil prices rose to $75 per barrel on Friday, from $68 per barrel the day before as Israeli strikes on Iran's nuclear and military facilities hit risk sentiments. A rise in crude oil prices is inflationary for India and adds pressure on the rupee as the country is a major importer of the commodity. A $10 per barrel increase in crude oil prices can widen the current account deficit by 0.4% of the GDP and add up to 35 basis points in retail inflation, according to Reuters. Live Events The RBI likely sold dollars via state-run banks in the first half of the trading session, but in a muted manner, traders said. "The possible intervention by the RBI was only up to a certain level and did not make any effort to bring down to 85.70 levels. But a key resistance amid uncertainty in the Middle East would be at 86.25/$1 levels," said Anil Bhansali, head of treasury at Finrex Treasury Advisors. For bonds too, the mood was fragile amid geopolitical tensions, traders said. "Since there has been a selloff and the yields touched 6.40%, we will be able to see some buying next week," a bond trader at a primary dealership said.
Economic Times
32 minutes ago
- Economic Times
Can rupee recover from its worst fall in over a month due to rising oil prices?
Agencies Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Mumbai: The Indian rupee weakened by 60 paise to touch 86.20 per dollar on Friday, its worst fall in over a month due to rise in crude oil prices amid Israeli strike on Iran. The currency however closed stronger at 86.08 per dollar, likely due to intervention by the Reserve Bank of India , traders said. Rupee had closed at 85.60/$1 on 10-year bond yield touched 6.40% levels in the early hours of trading, before easing and closing at 6.36%, up two basis points from its previous rupee traded between the range of 86.20/$1 to 85.93/$1, strengthening mildly in between due to central bank intervention and muted dollar sales by foreign banks, traders crude oil prices rose to $75 per barrel on Friday, from $68 per barrel the day before as Israeli strikes on Iran's nuclear and military facilities hit risk sentiments.A rise in crude oil prices is inflationary for India and adds pressure on the rupee as the country is a major importer of the commodity. A $10 per barrel increase in crude oil prices can widen the current account deficit by 0.4% of the GDP and add up to 35 basis points in retail inflation, according to RBI likely sold dollars via state-run banks in the first half of the trading session, but in a muted manner, traders said."The possible intervention by the RBI was only up to a certain level and did not make any effort to bring down to 85.70 levels. But a key resistance amid uncertainty in the Middle East would be at 86.25/$1 levels," said Anil Bhansali, head of treasury at Finrex Treasury bonds too, the mood was fragile amid geopolitical tensions, traders said. "Since there has been a selloff and the yields touched 6.40%, we will be able to see some buying next week," a bond trader at a primary dealership said.
