IndiGo share falls 5% after likely Gangwal family block deal
Gangwals were looking to sell 3.1 per cent stake in the company for Rs 7,028 crore. By 9.45 am, a total of Rs 8,684.63 crore worth IndiGo shares had changed hands on NSE.
- Aug 28, 2025,
- Updated Aug 28, 2025 9:56 AM IST
Shares of InterGlobe Aviation Ltd (IndiGo) tumbled 5 per cent in Thursday's trade amid heavy turnover, as promoter Rakesh Gangwal and his family likely offloaded further stake in the budget carrier via block deals today. The Gangwals were looking to sell 3.1 per cent stake in the company for Rs 7,028 crore. By 9.45 am, a total of Rs 8,684.63 crore worth IndiGo shares had changed hands on NSE.
The stock fell 4.87 per cent to hit a low of Rs 5,755 on BSE. A total of 1.2 lakh shares, or 3.13 per cent equity, worth Rs 7,084.60 crore changed hands at an average of Rs 5,830 per share today, CNBC TV18 noted. As of June 30, Rakesh Gangwal directly owned 1.82 crore shares, or 4.73 per cent stake, in InterGlobe Aviation. The Chinkerpoo Family Trust — with Shobha Gangwal and J.P. Morgan Trust Company of Delaware as trustees — held another 1.19 crore shares, representing 3.08 per cent. The Gangwal family has steadily pared its holding in IndiGo over the past few years, most recently in May 2025, when Gangwal sold 2.21 crore shares at an average price of ₹5,231.28 apiece. The trust also offloaded shares the same day.
The family has sold shares in multiple tranches since September 2022, including August 2023, March 2024, August 2024, and May 2025. As a result, promoter holding, which stood at 67.8 per cent in June 2023, has dropped sharply to 43.5 per cent by June 2025.
Meanwhile, Emkay Global recently hosted IndiGo’s management, which acknowledged that the June quarter was hit by external headwinds such as geopolitical tensions, airport closures, reduced block hours, and higher cancellations — all of which pressured yields. However, management pointed to signs of stabilization in the September quarter and expects a strong rebound in Q3 and Q4.
According to Emkay, aircraft on ground (AOGs) remain steady in the 40s, but as they decline, IndiGo will redeliver damp-leased narrowbody planes. The cost savings from these exits will be partly offset by the induction of new widebody aircraft on lease. Rental costs, which spiked in FY25, are likely to moderate in FY26, though broader inflation will absorb part of the benefit.
IndiGo has also secured slots at the upcoming Noida (Jewar) and Navi Mumbai airports, which will support further expansion. The airline reiterated its double-digit year-on-year available seat kilometre (ASK) growth guidance for FY26, although Q2 growth is expected to be in the mid-to-high single digits due to seasonal softness in domestic demand.
“As a result, IndiGo has suspended some underutilised routes and carried out inspections and modifications on certain aircraft to prepare for a stronger Q3. The redelivery of damp-leased aircraft will also weigh on Q2 growth,” Emkay said, adding that this moderation was already factored into the annual outlook. ASK growth is expected to return to double digits in Q3 and Q4.
The company foresees no challenges in scaling up capacity in the second half of FY26, backed by a robust orderbook and flexibility to add more damp-leased aircraft if required. It also plans to expand its international footprint from September 2025, with new routes to London and Copenhagen. The induction of A321XLR aircraft this year will further drive global expansion through CY26.
Shares of InterGlobe Aviation Ltd (IndiGo) tumbled 5 per cent in Thursday's trade amid heavy turnover, as promoter Rakesh Gangwal and his family likely offloaded further stake in the budget carrier via block deals today. The Gangwals were looking to sell 3.1 per cent stake in the company for Rs 7,028 crore. By 9.45 am, a total of Rs 8,684.63 crore worth IndiGo shares had changed hands on NSE.
The stock fell 4.87 per cent to hit a low of Rs 5,755 on BSE. A total of 1.2 lakh shares, or 3.13 per cent equity, worth Rs 7,084.60 crore changed hands at an average of Rs 5,830 per share today, CNBC TV18 noted. As of June 30, Rakesh Gangwal directly owned 1.82 crore shares, or 4.73 per cent stake, in InterGlobe Aviation. The Chinkerpoo Family Trust — with Shobha Gangwal and J.P. Morgan Trust Company of Delaware as trustees — held another 1.19 crore shares, representing 3.08 per cent. The Gangwal family has steadily pared its holding in IndiGo over the past few years, most recently in May 2025, when Gangwal sold 2.21 crore shares at an average price of ₹5,231.28 apiece. The trust also offloaded shares the same day.
The family has sold shares in multiple tranches since September 2022, including August 2023, March 2024, August 2024, and May 2025. As a result, promoter holding, which stood at 67.8 per cent in June 2023, has dropped sharply to 43.5 per cent by June 2025.
Meanwhile, Emkay Global recently hosted IndiGo’s management, which acknowledged that the June quarter was hit by external headwinds such as geopolitical tensions, airport closures, reduced block hours, and higher cancellations — all of which pressured yields. However, management pointed to signs of stabilization in the September quarter and expects a strong rebound in Q3 and Q4.
According to Emkay, aircraft on ground (AOGs) remain steady in the 40s, but as they decline, IndiGo will redeliver damp-leased narrowbody planes. The cost savings from these exits will be partly offset by the induction of new widebody aircraft on lease. Rental costs, which spiked in FY25, are likely to moderate in FY26, though broader inflation will absorb part of the benefit.
IndiGo has also secured slots at the upcoming Noida (Jewar) and Navi Mumbai airports, which will support further expansion. The airline reiterated its double-digit year-on-year available seat kilometre (ASK) growth guidance for FY26, although Q2 growth is expected to be in the mid-to-high single digits due to seasonal softness in domestic demand.
“As a result, IndiGo has suspended some underutilised routes and carried out inspections and modifications on certain aircraft to prepare for a stronger Q3. The redelivery of damp-leased aircraft will also weigh on Q2 growth,” Emkay said, adding that this moderation was already factored into the annual outlook. ASK growth is expected to return to double digits in Q3 and Q4.
The company foresees no challenges in scaling up capacity in the second half of FY26, backed by a robust orderbook and flexibility to add more damp-leased aircraft if required. It also plans to expand its international footprint from September 2025, with new routes to London and Copenhagen. The induction of A321XLR aircraft this year will further drive global expansion through CY26.