IndiGo shares fall for 2nd day; co denies reports of co-founder selling stake

Shares of InterGlobe Aviation (IndiGo) were trading lower in Tuesday's trade, even as the company denied reports of the promoter family selling stake in the airline. There were earnings reports that the Gangwal family was looking to offload 5-8 per cent stake in the aviation company via block deal.

A media report quoting sources suggested that brokers have held talks with certain funds for the deal, which is likely to be worth Rs 5,000-7,000 crore. Another media report suggested the co-founder's family was likely to sell stake worth up to $909.60 million.

To this IndiGo on Tuesday clarified: "We would like to state that the company has not received any such information nor has the company been made aware by the co-founder of their intention to sell their stake."

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Stock exchanges had sought clarification from the company regarding the same on Monday, the day the stock fell 2 per cent for the day. On Tuesday, shares of IndiGo were down 3.10 per cent at Rs 2,331.20 on BSE.

As per BSE data, Rakesh Gangwal held 5,10,21,132 shares, or 13.23 per cent stake, in IndiGo as of March 31. Shobha Gangwal held 1,15,23,361 shares or 2.99 per cent stake. Meanwhile, The Chinkerpoo Family Trust (Trustee: Shobha Gangwal & J.P. Morgan Trust Company of Delaware) owned 5,20,50,413 per cent or 13.50 per cent stake in the company.

Overall, promoters as a group owned 67.86 per cent stake in the airline at the end of March quarter.

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