IndiGo shares slip 5% in early trade; here’s why
InterGlobe Aviation shares touched an intraday low of Rs 1885, falling 5.09% on BSE. The stock opened 3.23% lower at Rs 1922 against the previous close of Rs 1986.20 today.
- Feb 16, 2023,
- Updated Feb 16, 2023 10:11 AM IST
Shares of InterGlobe Aviation fell 5% in early trade amid reports that the co-promoter Rakesh Gangwal was set to offload 4% of his stake via block deals today. The stock touched an intraday low of Rs 1885, falling 5.09% on BSE. The stock opened 3.23% lower at Rs 1922 against the previous close of Rs 1986.20 today.
The large cap stock is trading higher than the 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. InterGlobe Aviation stock has lost 12.32% in one year and fallen 5.14% since the beginning of this year.
Total 164.21 lakh shares of the firm changed hands amounting to a turnover of Rs 3100.02 crore on BSE.
Market cap of the firm fell to Rs 73,282 crore on BSE.
The share hit a 52 week high of Rs 2,242.40 on February 17,2022 and a 52 week low of Rs 1,513 on June 20, 2022.
The block deal will see shares worth $353 million changing hands for a 4% stake in India's largest airline, said reports.
For the quarter ended December 2022, Rakesh Gangwal and his wife Shobha Gangwal owned 13.24% ( 5.10 crore shares) and 7.04% (2.71 crore shares), respectively.
This is for the second time the Gangwal family is selling stake in InterGlobe Aviation Ltd, which operates IndiGo. In September 2022, they sold a 2.8% stake in the airline for approximately $250 million.
Meanwhile, InterGlobe Aviation reported a multifold rise in profit for the quarter ended December 2022. Net profit zoomed eleven times in the third quarter, led by a pick-up in demand for air travel. The airline's profit came at Rs 1,422.6 crore in Q3 against a profit of Rs 129.8 crore in the year-ago period. Revenue from operations rose 61 percent to Rs 14,932 crore in the third quarter as against Rs 9,294 crore a year ago.
Total income jumped to Rs 15,410.2 crore in the third quarter of the current fiscal from Rs 9,480.1 crore in the year-ago period.
"Third quarter performance was strong both operationally and financially in the backdrop of robust demand for air travel," said Chief Executive Officer Pieter Elber.
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Shares of InterGlobe Aviation fell 5% in early trade amid reports that the co-promoter Rakesh Gangwal was set to offload 4% of his stake via block deals today. The stock touched an intraday low of Rs 1885, falling 5.09% on BSE. The stock opened 3.23% lower at Rs 1922 against the previous close of Rs 1986.20 today.
The large cap stock is trading higher than the 200 day moving averages but lower than 5 day, 20 day, 50 day and 100 day moving averages. InterGlobe Aviation stock has lost 12.32% in one year and fallen 5.14% since the beginning of this year.
Total 164.21 lakh shares of the firm changed hands amounting to a turnover of Rs 3100.02 crore on BSE.
Market cap of the firm fell to Rs 73,282 crore on BSE.
The share hit a 52 week high of Rs 2,242.40 on February 17,2022 and a 52 week low of Rs 1,513 on June 20, 2022.
The block deal will see shares worth $353 million changing hands for a 4% stake in India's largest airline, said reports.
For the quarter ended December 2022, Rakesh Gangwal and his wife Shobha Gangwal owned 13.24% ( 5.10 crore shares) and 7.04% (2.71 crore shares), respectively.
This is for the second time the Gangwal family is selling stake in InterGlobe Aviation Ltd, which operates IndiGo. In September 2022, they sold a 2.8% stake in the airline for approximately $250 million.
Meanwhile, InterGlobe Aviation reported a multifold rise in profit for the quarter ended December 2022. Net profit zoomed eleven times in the third quarter, led by a pick-up in demand for air travel. The airline's profit came at Rs 1,422.6 crore in Q3 against a profit of Rs 129.8 crore in the year-ago period. Revenue from operations rose 61 percent to Rs 14,932 crore in the third quarter as against Rs 9,294 crore a year ago.
Total income jumped to Rs 15,410.2 crore in the third quarter of the current fiscal from Rs 9,480.1 crore in the year-ago period.
"Third quarter performance was strong both operationally and financially in the backdrop of robust demand for air travel," said Chief Executive Officer Pieter Elber.
Also read: MSCI postpones weightage reduction of Adani Total Gas, Adani Transmission to May. Here's why
Also read: Adani Wilmar shares at Rs 569! KR Choksey sees 43% rally in battered Adani group stock