Rakesh Gangwal's Strategic Sell-Off: IndiGo Stake Reduced by 3.1%

Rakesh Gangwal, a key promoter of InterGlobe Aviation, has significantly reduced his stake in IndiGo, India's primary domestic airline. Alongside his family trust, Gangwal divested up to a 3.1% stake, amounting to an impressive Rs 7,027.7 crore, through separate block deals conducted on Thursday.

Following this strategic move, shares of InterGlobe Aviation witnessed a decline, trading 4.44% lower at Rs 5,781 on the NSE and seeing a similar drop on the BSE. This transaction marks a continuation of Gangwal's phased equity sell-off, which stems from a well-documented rift with co-founder Rahul Bhatia.

The reduction leaves Gangwal and his family trust with a 4.71% interest in the airline, down from the previous 7.81%. The sales have been ongoing since a fallout in 2022, and no new shares have been issued through these transactions, with all proceeds going to the sellers.

(With inputs from agencies.)