Amidst headwinds jostling India's aviation sector, IndiGo has also been affected by a part of its fleet grounded due to an engine shortage, but remains India's biggest airline with a market share of more than 50 per cent. But this isn't the first time it has faced turbulence, since IndiGo's ascent was once blemished by a dispute between co-founders Rakesh Gangwal and Rahul Bhatia, which led to the former's exit from the airline last year.
Now Gangwal and his family, who collectively own more than 16 per cent stake in the carrier, are planning to sell their stake worth as much as Rs 7,500 crore.
Initiating a gradual exit
The Gangwals will be selling an 8 per cent stake in the airline via block deals when the lock-in period for the shares ends on July 15.
Gangwal's wife Shobha Gangwal had already slashed her stake by 4 per cent in February this year.
The stake sale had been on the cards ever since Gangwal announced that he will be parting with his stake in Interglobe Aviation over a period of five years, when he stepped down.
The news of the share sale triggered a 3 per cent drop for IndiGo's stocks, but the airline has a positive outlook on jet fuel prices and high demand working in its favour.
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