IndiGo Co-Founder Rakesh Gangwal Sells 5.8% Stake Worth Rs 11,928 Cr

New Delhi: Interglobe Aviation, the operator of IndiGo Airlines, saw its stock slipping nearly 3 per cent on Tuesday after its co-founder Rakesh Gangwal offloaded 2.26 crore shares worth nearly Rs11,928 crore in a block deal.

The block sale constituted 5.8 per cent of Gangwal’s stake in the leading budget airline, according to multiple reports. Gangwal had resigned from the board of InterGlobe Aviation in 2022 and remained one of IndiGo’s largest shareholders.

The floor price for the transaction has been pegged at Rs5,260 per share, representing a discount of around 3 per cent to the last closing price, according to reports.

The stock, however, recovered from early losses and was trading at Rs5,318.00 apiece, down 1.88 per cent around 11 am.

In the January–March quarter (Q4 FY25), IndiGo recorded a sharp 61.89 per cent year-on-year (YoY) jump in its consolidated net profit at Rs3,067.5 crore. This was up from Rs1,894.8 crore in Q4 FY24. Excluding foreign exchange impact, the profit rose 44.7 per cent to Rs2,981.1 crore in Q4, compared to Rs2,060 crore in the same quarter last fiscal.

Revenue from operations in Q4 increased by 24.3 per cent to Rs22,151.9 crore, up from Rs17,825.3 crore in a year-ago period. The airline’s EBITDAR (earnings before interest, taxes, depreciation, amortisation, and rent) also rose significantly by 57.5 per cent to Rs6,948.2 crore during the quarter.