Sources told CNBC-TV18 that the promoter group is looking to raise about $1 billion through the sale. InterGlobe Enterprises currently holds a 35.70% stake in the company.
The move follows ongoing stake reductions by co-promoter Rakesh Gangwal, who has sold shares worth Rs 40,000 crore since 2022. Gangwal now holds just 7.8% in the airline.
IndiGo declined to comment on the development. “We won’t comment on the query,” the airline told CNBC-TV18.
Shares of IndiGo had hit a 52-week high of Rs 5,474 earlier this week, supported by strong Q4 earnings and bullish commentary on international capacity expansion. However, Friday’s slide reflects investor caution amid the overhang of large promoter offloading.
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The conflict pushed Brent crude up nearly 10% intraday to $78.50 a barrel — its highest level since January — and up 12% for the week. WTI also surged over 9% to $74.47.
“This could have deep economic consequences if tensions escalate further,” said Dr. V K Vijayakumar of Geojit Financial Services. “A retaliatory move like blocking the Strait of Hormuz could squeeze global supply and lift oil prices even higher.”
With aviation fuel making up a significant share of airline costs, the crude spike amplified concerns over margins, adding to the sector’s selloff.
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