Mumbai, Aug 28
The shares of InterGlobe Aviation, the parent company of IndiGo Airlines, tanked over 4 per cent in the early trading on Thursday on news of promoter Rakesh Gangwal's family selling stocks worth Rs 7,085 crore through a block deal.
At around 11:38 am, the shares were trading at Rs 5,789.0, down 4.31 per cent or Rs 261.
The promoter family is likely to sell 1.2 lakh shares, worth Rs 7,085 crore, at an average price of Rs 5,830 per share.
According to earlier media reports, the Gangwal family plans to sell up to 3.1 per cent of InterGlobe Aviation through block deals valued at approximately Rs 7,020 crore.
A floor price of Rs 5,808 per share, or about 4 per cent less than the closing price of the previous session, was anticipated for the block deal.
With this, the family's persistent withdrawal from IndiGo continues.