InterGlobe Aviation Shares Fall as Gangwal Family Sells 3.1% Stake in Block Deal
The sale is the latest in a pattern of gradual divestments by the Gangwal family commencing after Rakesh Gangwal stepped down from the airline’s board in early 2022.
Shares of InterGlobe Aviation, the parent company of IndiGo, opened at approximately ₹5,789.50 on Thursday morning, marking a 4.3% drop as the market reacted to a substantial block deal by the Rakesh Gangwal family. By around 10:30 a.m. IST, about 3.1% of the company’s equity had changed hands, representing roughly 1.2 crore shares, transacted at an average price of ₹5,830 apiece—amounting to nearly ₹7,085 crore.
This transaction appears to follow through on earlier reports indicating that the Gangwal family intended to offload up to a 3.1% stake in InterGlobe Aviation through block deals valued around ₹7,020 crore. The proposed floor price of ₹5,808 per share was set at about 4% below the previous session’s closing price, suggesting a strategic execution of a phased stake reduction plan.
The sale is the latest in a pattern of gradual divestments by the Gangwal family commencing after Rakesh Gangwal stepped down from the airline’s board in early 2022. To date in 2025, they have trimmed nearly 9% of their stake. The divestments since 2022 have cumulatively raised over ₹45,300 crore. These include a 2.74% stake sold for ₹2,005 crore in September 2022, a 4% block sale by his wife Shobha Gangwal for ₹2,944 crore in February 2023, a further 2.9% offloaded for just over ₹2,800 crore in August 2023, a 5.2% stake sold for ₹9,549 crore in August 2024, and around ₹11,900 crore raised in May through another substantial block deal.
Following the latest transaction, the Gangwal family’s combined holding in IndiGo is estimated to be reduced to about 4.78%, valued at roughly ₹11,169 crore.
Separately, the broader Indian stock market saw declines due to macroeconomic tensions, including new punitive U.S. tariffs. The Nifty 50 and Sensex both slipped, with stocks such as HDFC Bank, ICICI Bank, and Reliance Industries also registering losses. In this climate, InterGlobe Aviation’s share drop, tied directly to promoter stake sale activity, stood out as one of the sharper individual stock moves.
Kotak Securities highlighted that IndiGo is trimming capacity more aggressively than competitors, not as a sign of softening demand but as part of a yield-focused strategy ahead of the festive season.