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InterGlobe Aviation slips 5% after 4% equity changes hands via block deal

Rakesh Gangwal was set to pare his stake in IndiGo by a further 4 per cent via block deals on Thursday. The block deal was said to be for 1.56 crore shares worth Rs 2,930 crore

Topics
Buzzing stocks | IndiGo | Markets

Deepak Korgoankar  |  Mumbai 

indigo, flights, aircraft, aviation

Shares of InterGlobe Aviation, which runs IndiGo airlines, fell 5 per cent on the BSE in Thursday’s intra-day trade after over 4 per cent equity of the airline company changed hands via block deals.

At 09:15 am; around 16.08 million equity shares representing 4.17 per cent of total equity of InterGlobe Aviation had changed hands via a block deal on the BSE, the exchange data showed. The names of the buyers and sellers were not ascertained immediately.

As on December 31, 2022, co-promoter Rakesh Gangwal (13.24 per cent) and his wife Shobha Gangwal (7.04 per cent) collectively held 20.28 per cent stake in InterGlobe Aviation, the shareholding pattern data shows.

According to a Business Standard report, Rakesh Gangwal was set to pare his stake in IndiGo by a further 4 per cent via block deals on Thursday. The block deal was said to be for 1.56 crore shares worth Rs 2,930 crore.

This would be the Gangwal family's second such share sale in six months. Last September, Rakesh Gangwal and his wife sold 2.74 per cent in InterGlobe Aviation, mopping up Rs 2,005 crore.

Technical View
Bias: Negative
Target: Rs 1,873
Resistance: Rs 1,930; Rs 1,950
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Shares of InterGlobe Aviation (IndiGo) have been in a downtrend since February 06, after the stock came within striking distance of its 52-week high. In the following trading sessions the stock has declined over 16 per cent, and is now seen trading below its 20-, 50- and 100-DMA (Daily Moving Averages).
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On the daily chart, the 20-DMA at Rs 2,068 is now seen converging towards its 50-DMA at Rs 2,045. As and when, the 20-DMA slips below the 50-DMA, the bias will further favour the bears.
.

Meanwhile, on the downside, the stock seems headed towards its crucial support at the 200-DMA placed at Rs 1,873. One needs to see, if the stock manages to hold this support level.
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On the upside, the 100-DMA at Rs 1,930 and the lower-end of the Bollinger Bands at Rs 1,950 are likely to be the near-term hurdles for the stock.
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(With inputs from Rex Cano)

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First Published: Thu, February 16 2023. 09:42 IST

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