InterGlobe Aviation Shares Slide as Promoter Sells Stake
Shares of InterGlobe Aviation dipped 2% after promoter Rakesh Gangwal and his family trust sold a 5.7% stake via a block deal. The sale, valued at Rs 11,559 crore, reduced their joint stake from 13.5%. Stock prices fell on both BSE and NSE amid the transaction.
- Country:
- India
Shares of InterGlobe Aviation experienced a 2% decline on Tuesday following reports that promoter Rakesh Gangwal and his family trust offloaded a 5.7% stake in the airline through a block deal.
On the Bombay Stock Exchange, the company's stock closed 1.94% lower at Rs 5,313.15, after falling as much as 2.99% during the trading session to hit Rs 5,256. Similarly, on the NSE, it ended 2.08% down at Rs 5,307, dipping as low as Rs 5,230.50 intra-day.
The block deal, which involved the Chinkerpoo Family Trust, brought in Rs 11,559 crore (approximately USD 1.36 billion) and reduced Gangwal's combined stake to under 13.5%. The transaction saw 2.21 crore equity shares sold at a final price of Rs 5,230.50 per share, as per finalized terms.
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