Rakesh Gangwal Exits IndiGo Stake

Rakesh Gangwal, co-founder of IndiGo, has sold nearly $1.3 billion worth of shares in InterGlobe Aviation Ltd, representing about 30% of his stake, following a record high in the airline's stock price. The sale of 22.5 million shares at Rs 4,714.90 each occurred after the shares had climbed 92% over the past year. Following the transaction, IndiGo's stock price fell by 3% on the market, indicating investor reaction to Gangwal's significant exit. This move is part of a broader trend, as Gangwal has been gradually reducing his stake in the company since resigning from the board in February 2022. As of June 2024, Gangwal held a 5.89% stake in the airline, which he and his family are expected to continue to reduce. Despite recent profit declines, IndiGo remains a dominant player in the Indian aviation market, capturing over 60% of domestic passenger traffic.