IndiGo stock price down by more than 4% today

11 Jun 2024 , 04:34 PM

Interglobe Aviation Ltd. shares fell as much as 4% on Tuesday, June 11, after 83.7 lakh shares changed hands in a block sale. One of the promoters of the company sold some of its stake in the company through this deal.

The shares accounted for approximately 2.2% of the entire equity in the aviation company.

The overall transaction value exceeded ₹3,689 Crore, with an average price of ₹4,406 per share. The base price represents a 3% discount to Monday’s closing price.

According to reports published on Monday, InterGlobe Enterprises, the Rahul Bhatia family’s holding company, intends to sell a 2% stake in the low-cost carrier through block agreements.

The transaction entails selling 77 lakh shares at a base price of ₹4,266 per share, which represents a 7% discount. The deal was estimated to be valued at ₹3,293 crore.

Interglobe Enterprises Pvt. Ltd currently owns 37.75% of Interglobe Aviation, according to exchange records.

Importantly, the seller has a 365-day lock-up period under the sale terms.

Co-founder Rakesh Gangwal has likewise been gradually reducing his stake since stepping out from the board in 2022.

Gangwal sold a 5.8% share in the budget airline in March 2024, lowering his holding to approximately 5.8% at the conclusion of the March 2024 quarter.

IndiGo’s shares have climbed by more than 50% year to date.

Brokerages boosted its target price for IndiGo shares to ₹5,142. It is in a ‘Overweight’ stance on the counter.

At around 12.37 PM, IndiGo was trading 3.85% lower at ₹4,390.70 per piece, against the previous close of ₹4,566.60 on NSE. The counter touched an intraday high and low of ₹4,474.30, and ₹4,372.55, respectively.

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