New Delhi, May 27
Interglobe Aviation, the operator of IndiGo Airlines, saw its stock slipping nearly 3 per cent on Tuesday after its co-founder Rakesh Gangwal offloaded 2.26 crore shares worth nearly Rs 11,928 crore in a block deal.
The block sale constituted 5.8 per cent of Gangwal’s stake in the leading budget airline, according to multiple reports. Gangwal had resigned from the board of InterGlobe Aviation in 2022 and remained one of IndiGo’s largest shareholders.
The floor price for the transaction has been pegged at Rs 5,260 per share, representing a discount of around 3 per cent to the last closing price, according to reports.
The stock, however, recovered from early losses and was trading at Rs 5,318.00 apiece, down 1.88 per cent around 11 am.
In the January–March quarter (Q4 FY25), IndiGo recorded a sharp 61.89 per cent year-on-year (YoY) jump in its consolidated net profit at Rs 3,067.5 crore. This was up from Rs 1,894.8 crore in Q4 FY24. Excluding foreign exchange impact, the profit rose 44.7 per cent to Rs 2,981.1 crore in Q4, compared to Rs 2,060 crore in the same quarter last fiscal.