InterGlobe Aviation Shares Slide as Promoter Sells Stake

Shares of InterGlobe Aviation experienced a 2% decline on Tuesday following reports that promoter Rakesh Gangwal and his family trust offloaded a 5.7% stake in the airline through a block deal.

On the Bombay Stock Exchange, the company's stock closed 1.94% lower at Rs 5,313.15, after falling as much as 2.99% during the trading session to hit Rs 5,256. Similarly, on the NSE, it ended 2.08% down at Rs 5,307, dipping as low as Rs 5,230.50 intra-day.

The block deal, which involved the Chinkerpoo Family Trust, brought in Rs 11,559 crore (approximately USD 1.36 billion) and reduced Gangwal's combined stake to under 13.5%. The transaction saw 2.21 crore equity shares sold at a final price of Rs 5,230.50 per share, as per finalized terms.

(With inputs from agencies.)