IndiGo Shares Dip 4% As Rakesh Gangwal Trims Stake in Rs 5,030-crore Block

Shares of InterGlobe Aviation slipped more than 4% in early trade on 28 August after a hefty block deal worth ₹5,030 crore hit the counter, with co-founder Rakesh Gangwal and his family tipped as the likely sellers.

Roughly 86 lakh shares, or 2.2% of the budget airline, changed hands in the deal at a floor price of ₹5,838, almost 4% below the previous close.

The names of the buyers and sellers were not immediately known, though CNBC Awaaz had earlier reported that the Gangwal family was planning to pare its IndiGo stake by around 3.1%, a deal pegged at close to ₹7,020 crore.

This deal marks another step in the Gangwal family’s steady retreat from IndiGo. Since Rakesh Gangwal quit the airline’s board in February 2022 citing governance issues, the family has been paring its holding and has sold close to 9% of the company so far in 2025.

Once IndiGo’s co-pilot alongside Rahul Bhatia, Gangwal has systematically unwound his investment, raising over ₹45,300 crore since 2022. The stake sales include 2.74% worth ₹2,005 crore in September 2022, 4% by his wife Shobha Gangwal for ₹2,944 crore in February 2023, and another 2.9% for just over ₹2,800 crore in August 2023. In August 2024, the family trust sold 5.2% for ₹9,549 crore, followed by a ₹11,900 crore block deal this May.

After the latest sale, the Gangwal family’s holding will shrink to less than 6%, valued at over ₹11,200 crore.

Yet, IndiGo itself has continued to soar. Shares of InterGlobe Aviation are up 31% so far this year and a massive 400% over the past five years, cementing its dominance in the domestic aviation space. Just earlier this week, the stock was added into the benchmark Nifty 50 index after its semi annual rejig.

Even so, institutional investors seem to be booking profits. Nuvama data shows mutual funds offloaded nearly ₹2,400 crore worth of IndiGo shares in July, the steepest outflow across market capitalizations.