Why gangwal Is Trending Today?

Rakesh Gangwal's family trust has sold a 1.3% stake in IndiGo, the parent company of the popular Indian airline, for approximately Rs 2,933 crore. This transaction marks a significant move by the Gangwal family, who have been major shareholders in the company.

Rakesh Gangwal, co-founder of IndiGo, and his family trust have sold a 3.1% stake in the airline, raising approximately $501 million. This transaction, which was downsized from an initial plan, has led to a significant drop in IndiGo's share price, with a decline of over 4% following the announcement. The sale, valued at around ₹7,027 crore, was conducted via a block deal, further dragging the share price down by 5%.