New Delhi: IndiGo Airlines is the country's largest aviation company. The company's co-founder and promoter Rakesh Gangwal is going to sell his stake. He can do a block deal (Indigo Block Deal) of about $ 850 million (Rs 7000 crore).

The floor price for this block deal has been fixed at Rs 4,593 per share. Currently, Rakesh Gangwal has 19.38 percent stake in IndiGo. There is no official information about the block deal yet. IndiGo shares are in focus today due to the possibility of this block deal.

In February 2022, Rakesh Gangwal resigned from the board of directors of InterGlobe Aviation. While resigning, he had said that he would gradually reduce his stake in the airline in the next 5 years.

How is the stock's movement today

Indigo shares are trading in the red in the early session of Thursday. At 10.20 am, Indigo shares are trading down 2 percent at Rs 4,750.95 per share. Indigo shares have given a return of more than 63 percent so far in 2024.

At the same time, the company had said that IndiGo had a profit of Rs 2,736 crore in the June quarter. However, this profit was 11.5 percent less than the same period last year.