IndiGo co-founder Rakesh Gangwal and the Chinkerpoo Family Trust have sold a 3.1% stake in InterGlobe Aviation, IndiGo’s parent company, for Rs 7,027.7 crore through block deals on Thursday. The transaction, involving 1.21 crore shares at a floor price of Rs 5,808 per share—a 4% discount from Tuesday’s NSE closing price of Rs 6,050—reduced their combined holding from 7.81% to 4.71%. Following the sale, IndiGo’s shares fell 4.44% to Rs 5,781 on the NSE and 4.16% to Rs 5,793 on the BSE.

The sale, managed by Goldman Sachs, Morgan Stanley, and JP Morgan, is part of Gangwal’s ongoing exit strategy after a fallout with co-founder Rahul Bhatia over corporate governance issues, prompting his resignation from the board in February 2022. Since then, Gangwal and his wife, Shobha, have steadily divested their stake, raising over Rs 45,300 crore through multiple transactions. These include a 5.72% stake sold for Rs 11,564 crore in May 2025, a 5.24% stake for Rs 9,549 crore in August 2024, and earlier sales in 2022 and 2023 totaling over Rs 7,749 crore.

The secondary sale, with proceeds going to the sellers, includes a 150-day lock-up period restricting further disposals, though a single negotiated transfer of at least $300 million is permitted under specific conditions. The identity of the buyers remains undisclosed. As IndiGo faces market pressures, Gangwal’s phased withdrawal continues to reshape the airline’s ownership structure.

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