Indigo flying low

Indigo is a newsmaker on the bourses currently. Opening 2.5% lower at Rs.4740, the stock price slipped down further to Rs.4714.90, down 3%.

The stock is down as today morning, almost 6% stake or 2.3 crore shares were sold at a block deal, with floor price of Rs.4760/share, putting the deal value at Rs.11,000 crore. This selling was mainly promoter and co-founder, Rakesh Gangwal exiting the company.

This is nothing out-of-the-blue; this stake was very much planned by Gangwal to reduce his stake gradually in the company after he quit Indigo’s Borad in Feb’22.

At end of Q1FY25, as at 30th June’24, Rakesh Gangwal, in his personal capacity held 5.89% and another 19.38% was through his backed promoter group.