Why did IndiGo stock plunge today?

16 August 2023

Interglobe Aviation’s shares tanked 5% after a block deal  on exchanges on 16 Aug 2023

IndiGo’s co-founder Rakesh Gangwal & his family are likely to sell shares worth Rs 3,730 crore through block deal

Gangwal stepped down from IndiGo’s board membership team in February 2022 & is reducing his stake by selling shares through block deal

IndiGo’s founders were engaged in a long-running feud with Gangwal raising corporate governance issues in July 2019

Shares are currently offered at floor price of Rs 2,400 per share at a discount of 5.8% on 14 August’s closing price

BFSL Research Recommends

BFSL Research team recommends a “BUY” on Interglobe Aviation Ltd.