2024-09-01 03:17:31
New Delhi: Shares of InterGlobe Aviation, the parent company of the country’s largest airline IndiGo, are seeing a huge decline today. On Wednesday, the company’s shares reached an all-time high of Rs 4,944.60 during trading, but it fell 3% to Rs 4,714.90. The company’s co-founder Rakesh Gangwal sold shares worth about Rs 11,000 crore through a block deal. He sold 2.3 crore shares of the company. He had a 5.89% stake at the end of the June quarter. Gangwal founded IndiGo in 2006 along with Rahul Bhatia. It is believed that now he has sold his entire stake in IndiGo. Today’s block deal was done at an average price of Rs 4,760 per share. Earlier there were reports that Gangwal could sell 3.8 percent stake for Rs 7,100 crore. But he has sold shares worth Rs 11,000 crore. It is clear from this that he has completely left the company. Gangwal stepped down from the board of IndiGo in February 2022 and had said that he would gradually reduce his stake in the airline. His wife Shobha Gangwal has already sold her entire stake in the airline. Rakesh Gangwal held about 6% equity of the company in the quarter ended June 2024. His family trust The Chinkarpu Family Trust held 13.49% stake.
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In August 2023, Shobha Gangwal sold her four percent stake in the company through the open market for about Rs 2,944 crore. Gangwal has sold her stake taking advantage of the record rise in shares. Indigo’s shares have gained about 95% in the last one year. The company’s stock has jumped 63.30% in this calendar year. On Wednesday, the company’s stock reached an all-time high of Rs 4,944.60. It finally closed 2.4% higher at Rs 4,859.20. Gangwal resigned from the board of Indigo on February 18, 2018. Bhatia and companies associated with him have a 35.91 percent stake in Indigo.
IndiGo was started in 2006 by Rahul Bhatia along with Rakesh Gangwal. Today it is the largest airline in the country. Its market share in the Indian market is around 52 percent. Rahul Bhatia is from Delhi while Rakesh Gangwal lives in America. Gangwal had worked in many big airline companies and had a good knowledge of this sector. Bhatia had proposed to Gangwal to start an airline. In this way, IndiGo’s parent company InterGlobe Aviation was started in 2004. At that time the aviation industry of the country was facing huge losses. Despite this, both of them decided to enter this sector.
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Borrowed aircraft
In 2004 itself, he got the license to start the airline. But the company could not start its services until 2006 because it did not have planes. Gangwal, through his contacts, got 100 planes on loan from Airbus. Finally, the company started flying from 4 August 2006. When IndiGo started its journey, the aviation industry was going through a difficult phase. It was not easy to make a place for itself among many big airlines. In such a situation, the company first made its customer base those people who wanted to travel by air but did not have much money. Due to this, IndiGo sold more and more tickets and it suffered almost no loss.
The company connected the major cities of the country by air and fulfilled the dream of providing air travel to people at a low cost. It was through IndiGo that even people wearing slippers could fulfill their dream of sitting in a plane. Traveling by plane is only a dream for a middle class family. IndiGo fulfilled their dream. The company currently operates around 1800 flights daily and employs around 25,000 people. Last year, IndiGo placed an order for 500 planes with Airbus, which is the largest order in aviation history.
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Reason for controversy
In the year 2020, a dispute arose between Rakesh Gangwal and Rahul Bhatia. Gangwal had demanded a change in the rules of the Articles of Association of the company. But his demand was not accepted and Gangwal resigned from the board of the company in February 2022. Since then, Gangwal’s family was trying to sell some of its stake in the company.