IndiGo block deal: Rakesh Gangwal's family trust sells 1.3% stake for ₹2,933 crore

With the latest sale, the cumulative divestment by Rakesh Gangwal, along with his wife Shobha Gangwal and their family trust -- the Chinkerpoo Family Trust -- stood at ₹39,532.79 crore, translating to around $4.51 billion.

Since 2022, the Gangwals and their family trust have offloaded a 28.32% stake in IndiGo, according to an analysis by PTI.

InterGlobe Aviation, which commands substantial valuation in the stock market, operates IndiGo, which accounts for over 65% of the total domestic air traffic.

Following a bitter fallout with co-promoter and co-founder Rahul Bhatia, Gangwal, in 2022, announced that he will gradually sell his stake in the airline in a phased manner.

According to the bulk deal data available on the NSE on Thursday, the Chinkerpoo Family Trust offloaded a total of 50.40 lakh shares in two tranches, representing a 1.3 per cent stake in Gurugram-based InterGlobe Aviation.

The shares were disposed of in the price range of ₹5,814.71-₹5,825.72 apiece, taking the combined deal value to ₹2,933.39 crore.

After the stake sale in IndiGo, the holding of the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, has come down to 1.78% from 3.08%.

Also, the combined shareholding of Gangwals and Family Trust in IndiGo has declined to 6.51% from 7.81%.

Details of the buyers of InterGlobe Aviation's shares could not be ascertained on the exchange.

Shares of InterGlobe Aviation slipped 5.22% to close at ₹5,734 apiece on the NSE.

In May this year, Rakesh Gangwal and his family trust trimmed their holding by divesting a 5.72% stake in the airline for ₹11,564 crore.

In August 2024, Gangwal's family trust sold a 5.24% stake in the airline for ₹9,549 crore. Before that, it had sold shares in March.

The share sale is part of Gangwal's decision in February 2022 to trim his shareholding after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

Since February 2022, Gangwal and his wife, Shobha Gangwal, have been offloading their shares in IndiGo.

In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74% shareholding for ₹2,005 crore. In February 2023, Shobha divested a 4% stake in the company for ₹2,944 crore. Later in August, she sold nearly a 2.9% stake in the company for a little over Rs 2,800 crore.

Amid differences with co-founder Rahul Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation, and Rakesh Gangwal said he would gradually reduce his equity stake in the airline over the next five years.

IndiGo Q1 FY26 Results

InterGlobe Aviation, the parent of India's largest airline, IndiGo, on Wednesday, July 30, reported a net profit of ₹2,176 crore in the first quarter of the current financial year (Q1FY26), marking a decline of 20% from ₹2,729 crore in the same period last year.

“Despite a challenging operating environment marked by geopolitical tensions, airspace restrictions and the tragic accident in the Indian aviation sector, IndiGo reported a net profit of INR 21,763 million for the quarter ended June 30, 2025,” the company said in a press release.

IndiGo's revenue from operations, however, rose 5% to ₹20,496 crore from ₹19,571 crore in the year-ago period.