Indigo share price drops over 4% on Rakesh Gangwal family's plan to sell stake worth Rs 2000 cr in aviation firm | Check block deal details

Shares of InterGlobe Aviation, which operates IndiGo, dropped over four per cent in early trade on Thursday, reacting to stake sale in the aviation firm by its co-founder Rakesh Gangwal. Indigo share price declined to Rs 1903 per share in in BSE intraday trade on Thursday. The stock witnessed a spurt in volume by more than 92 times in BSE intraday trade amid the stake sale news.  

As per Edelweiss, in a block deal, Gangwal family will sell 2.8% stake, approximately worth Rs 2,000 crore, in Indigo. Rakesh Gangwal and family will offload as many as 1.08 crore shares of Indigo at a price of Rs 1850 per share. This is a discount of around 6.5% on the previous closing price.  

Morgan Stanley, JP Morgan and Golkdman Sachs have been appointed as brokers for this block deal.  

Meanwhile, as on September 8, shares of Indigo have given a flat return in the past one year and has declined over seven per cent in the past one month. The stock touched 52-week high value of Rs 2,379. Per share on November 16 last year. The counter traded on year-low price of Rs 1,513.30 per share in June 2022.  

Earlier, IndiGo, has reported a net loss of Rs 1,064 crore for the quarter ended June (Q1) due to high fuel prices and weak rupee, the company had said. 

The first quarter loss was 66.5 per cent less than the loss incurred by the airline in the corresponding period a year ago, IndiGo said in a statement. 

The company's consolidated revenues in the quarter grew 327 per cent on a year-on-year (YoY) basis to Rs 12,855.3 crore.