IndiGo shares drop after a 5.2 lakh shares change hands in second block deal this week

According to data available on exchanges, around 5.2 lakh shares of IndiGo exchanged hands via open market transactions at an average price of ₹4,300 per share.

The deal price was at par with the stock’s previous close of ₹4,300.4 apiece on the NSE on Wednesday and aggregated to a total transaction size of ₹224 crore. Buyers and sellers were not immediately known.

After the block deal, IndiGo shares fell as much as 1.4% on Thursday to hit an intraday low of ₹4,230 apiece on the NSE. Year-to-date in 2024, the stock has jumped over 42%, while rising more than 81% in the past one year.

This is the second block deal on IndiGo’s counter this week. On Tuesday, the company’s promoter InterGlobe Enterprises Pvt Ltd had sold its 2.2% stake in the airline for ₹3,689 crore via a block deal.

The deal on Tuesday was executed at a price of ₹4,361 per share on BSE. InterGlobe Enterprises informed in a statement that the proceeds from the deal will be utilised for scaling up its hospitality and other businesses as well as for general corporate purposes.

The company’s statement added that InterGlobe Enterprises group managing director Rahul Bhatia will continue to maintain his role as IndiGo’s promoter and managing director and will continue to drive the strategic direction of the airline along with IndiGo's chief executive officer Pieter Elbers.

On Tuesday, Citigroup Global Markets Mauritius had bought 31 lakh shares, or 0.81% stake in IndiGo, valued at ₹1,362 crore.

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