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Economic Times
a day ago
- Business
- Economic Times
IndiGo shares plunge 6% as promoter plans $1 billion stake sale
Shares of InterGlobe Aviation, which operates IndiGo, dropped nearly 6% to Rs 5,175 on Friday after reports suggested promoter InterGlobe Enterprises may sell around 4% stake via block deals. ADVERTISEMENT Sources told CNBC-TV18 that the promoter group is looking to raise about $1 billion through the sale. InterGlobe Enterprises currently holds a 35.70% stake in the company. The move follows ongoing stake reductions by co-promoter Rakesh Gangwal, who has sold shares worth Rs 40,000 crore since 2022. Gangwal now holds just 7.8% in the airline. IndiGo declined to comment on the development. 'We won't comment on the query,' the airline told of IndiGo had hit a 52-week high of Rs 5,474 earlier this week, supported by strong Q4 earnings and bullish commentary on international capacity expansion. However, Friday's slide reflects investor caution amid the overhang of large promoter offloading. Also Read: Why stock market is falling today? 4 key factors behind Sensex's 1,100-point crash, Nifty below 24,650 ADVERTISEMENT Meanwhile, investor caution also deepened after an Air India Boeing 787-8 Dreamliner crashed shortly after takeoff from Ahmedabad en route to London, killing all 241 onboard. Preliminary visuals showed the aircraft losing altitude and crashing into a residential area. The cause is under geopolitical tensions added further pressure. Israel launched strikes on Tehran, targeting nuclear and missile facilities in what it called a 'preemptive strike.' Iran confirmed the death of a top Revolutionary Guards commander, and Israel declared a state of emergency fearing retaliation. U.S. Secretary of State Marco Rubio termed the strike a "unilateral action," saying the U.S. was not involved. ADVERTISEMENT The conflict pushed Brent crude up nearly 10% intraday to $78.50 a barrel — its highest level since January — and up 12% for the week. WTI also surged over 9% to $74.47. 'This could have deep economic consequences if tensions escalate further,' said Dr. V K Vijayakumar of Geojit Financial Services. 'A retaliatory move like blocking the Strait of Hormuz could squeeze global supply and lift oil prices even higher.' ADVERTISEMENT With aviation fuel making up a significant share of airline costs, the crude spike amplified concerns over margins, adding to the sector's selloff. Also Read: SBI, Bank of Baroda among 10 banks that saw NPA decline in Q4 (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
a day ago
- Business
- Time of India
IndiGo shares plunge 6% as promoter plans $1 billion stake sale
IndiGo shares: Sources told CNBC-TV18 that the promoter group aims to raise approximately $1 billion through the sale. Currently, InterGlobe Enterprises holds a 35.70% stake in the company. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Shares of InterGlobe Aviation , which operates IndiGo, dropped nearly 6% to Rs 5,175 on Friday after reports suggested promoter InterGlobe Enterprises may sell around 4% stake via block told CNBC-TV18 that the promoter group is looking to raise about $1 billion through the sale. InterGlobe Enterprises currently holds a 35.70% stake in the move follows ongoing stake reductions by co-promoter Rakesh Gangwal, who has sold shares worth Rs 40,000 crore since 2022. Gangwal now holds just 7.8% in the declined to comment on the development. 'We won't comment on the query,' the airline told of IndiGo had hit a 52-week high of Rs 5,474 earlier this week, supported by strong Q4 earnings and bullish commentary on international capacity expansion. However, Friday's slide reflects investor caution amid the overhang of large promoter investor caution also deepened after an Air India Boeing 787-8 Dreamliner crashed shortly after takeoff from Ahmedabad en route to London, killing all 241 onboard. Preliminary visuals showed the aircraft losing altitude and crashing into a residential area. The cause is under geopolitical tensions added further pressure. Israel launched strikes on Tehran, targeting nuclear and missile facilities in what it called a 'preemptive strike.' Iran confirmed the death of a top Revolutionary Guards commander, and Israel declared a state of emergency fearing retaliation. U.S. Secretary of State Marco Rubio termed the strike a "unilateral action," saying the U.S. was not conflict pushed Brent crude up nearly 10% intraday to $78.50 a barrel — its highest level since January — and up 12% for the week. WTI also surged over 9% to $74.47.'This could have deep economic consequences if tensions escalate further,' said Dr. V K Vijayakumar of Geojit Financial Services . 'A retaliatory move like blocking the Strait of Hormuz could squeeze global supply and lift oil prices even higher.'With aviation fuel making up a significant share of airline costs, the crude spike amplified concerns over margins, adding to the sector's selloff.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
