IndiGo shares plunge over 3% as co-founder Gangwal’s family likely to sell up to 8% stake

Shares of InterGlobe Aviation (IndiGo) plunged over 3% to Rs 2,378 in Monday’s trade amid media reports that the family of IndiGo’s co-founder Rakesh Gangwal was likely to sell between 5%-8% stake in the Indian airline, worth up to Rs 7,500 crore ($909.58 million).

Rakesh Gangwal and his wife, Shobha Gangwal, held 13.23% and 2.99% stake, respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, according to exchange data.