Mumbai, Aug 28 : The shares of InterGlobe Aviation, the parent company of IndiGo Airlines, tanked over 4 per cent in the early trading on Thursday on news of promoter Rakesh Gangwal's family selling stocks worth Rs 7,085 crore through a block deal.

At around 11:38 am, the shares were trading at Rs 5,789.0, down 4.31 per cent or Rs 261.

The promoter family is likely to sell 1.2 lakh shares, worth Rs 7,085 crore, at an average price of Rs 5,830 per share.

According to earlier media reports, the Gangwal family plans to sell up to 3.1 per cent of InterGlobe Aviation through block deals valued at approximately Rs 7,020 crore.

A floor price of Rs 5,808 per share, or about 4 per cent less than the closing price of the previous session, was anticipated for the block deal.

With this, the family's persistent withdrawal from IndiGo continues.

They have been reducing their stake in the airline since Rakesh Gangwal left the board in February 2022; as of 2025, they have sold almost 9 per cent of the company.

By reducing their ownership of InterGlobe Aviation, Rakesh Gangwal and his family have raised more than Rs 45,300 crore since 2022.

In September 2022, a 2.74 per cent stake worth Rs 2,005 crore was sold. In February 2023, his wife, Shobha Gangwal, sold a 4 per cent stake for Rs 2,944 crore, and in August 2023, a further 2.9 per cent stake was sold for slightly more than Rs 2,800 crore.

Despite a 4.7 per cent increase in revenue, IndiGo recently reported a 20 per cent year-over-year drop in net profit for the first quarter of FY26, with earnings of Rs 2,176 crore.

Higher fuel prices, exchange rate fluctuations, and other external factors were the primary causes of the decline in profitability.

However, the airline continued to demonstrate strong operational performance, as evidenced by its 84.2 per cent passenger load factor and 87.1 per cent on-time performance.

/IANS