IndiGo shares tank 4% on block deal, Rahul Bhatia family likely seller

The block deal was executed at an average price of ₹4,406 apiece and was worth a total of ₹3,689 crore.

Shares of InterGlobe Aviation dipped 4 per cent after a block deal involving 83.7 lakh shares- 2.2 percent stake in the company- took place on the exchanges. The block deal was executed at an average price of ₹4,406 apiece and was worth a total of ₹3,689 crore, Moneycontrol reported.

An Indigo plane alights its passengers at an airport. (Ramesh Pathania)

Although, parties involved in the transaction were not identified, the report added that the holding company of Rahul Bhatia family, InterGlobe Enterprises Private, was looking to cut around 2 percent stake worth $394 million in the carrier via block deal.

Rahul Bhatia and his family members are promoters of InterGlobe Aviation. They hold a 37.75 per cent stake in the carrier through their holding company InterGlobe Enterprises.

"This is the first time in many years that he is looking to unlock value and pocket some returns," the outlet reported citing a source in the know.

As of 9.24 am today, over 9.98 lakh equity shares of IndiGo, amounting to ₹3,493.41 crore were traded on BSE and more than 16.57 lakh equity shares worth more than ₹733.94 crore exchange hands on the National Stock Exchange (NSE).