IndiGo shares drop 5% as Gangwal family pares stake via block deal

Shares of InterGlobe Aviation, which runs low-cost airline IndiGo, on Wednesday declined up to 4.8% to day’s low at Rs 2,425 after the promoter Gangwal family likely pared a part of its 29.72% stake in the company via block deals.

Gangwal family was earlier said to have put 15.6 million shares on the block with a floor price of Rs 2,400 per share, which was a 5.8% discount to the closing price of Monday.