InterGlobe Aviation, the promoter of IndiGo Airlines, saw its stock price fall by almost 3% on Tuesday after a major share sale by co-founder Rakesh Gangwal. Gangwal sold 2.26 crore shares worth about Rs 11,928 crore in a block deal.
This sale represented around 5.8% of Gangwal's overall holding in the industry-leading low-cost carrier, as per reports. While Gangwal resigned from InterGlobe Aviation's board in 2022, he has continued to be among IndiGo's largest shareholders.
The minimum support price for the transaction was fixed at Rs 5,260 a share, which was around 3% less than the previous closing price of the stock, as per reports.
Even though the stock fell initially, it recovered a bit and was trading at Rs 5,318.00 per share, down 1.88% as of approximately 11 am.
On the earnings side, IndiGo recorded a strong performance in the January–March quarter (Q4 FY25), with a consolidated net profit of Rs 3,067.5 crore—a decisive 61.89% rise over Rs 1,894.8 crore in Q4 FY24. Accounting for foreign exchange adjustments, the profit improved by 44.7% to Rs 2,981.1 crore, from Rs 2,060 crore last year during the same quarter.
Read also| IndiGo Reports 11.19% Drop in Net Profit to Rs 7,258.4 Crore for FY25
