Shares of InterGlobe Aviation, the operator of the low-cost airline IndiGo, tumbled 91.10 points or 3.57% intra-day closing at Rs 2,458 on August 16. The stock price dipped almost 11.40% from its 52-week high of Rs 2,745.20 to Rs 2,432 intra-day. The fall in stock price was triggered by a block deal by the Gangwal family – the promoters, resulting in 5.1% stake offload of 5.1%, or approximately two crore shares.
“Indigo stock ended about 3.5% lower after a 4%+ lower opening at which the large exit deal by promoters was executed. A small recovery was seen from the deal price suggesting interested buying by funds expecting continued good performance from the company, ” said Deepak Jasani, Head of Retail Research, HDFC Securities.
In Q1FY24, InterGlobe Aviation reported its highest-ever quarterly post-tax profit of Rs 3,090.6 crore, owing to robust operational performance and favorable market conditions. Its subsidiary, IndiGo, reported a total income of Rs 17,160.9 crore in the first quarter of the current fiscal year. This positive momentum stands in stark contrast to the 2022 June quarter when the airline incurred a loss of Rs 1,064.3 crore.