Something big just happened with IndiGo's stock that has everyone talking.
IndiGo shares fell 3% to ₹4,714.90 after co-founder Rakesh Gangwal sold 2.3 crore shares worth ₹11,000 crore.
Gangwal may have fully exited IndiGo, the airline he co-founded, after this massive share sale.
Originally set to sell ₹6,750 crore worth of shares, Gangwal increased the deal to ₹11,000 crore.
Following Shobha Gangwal’s 4% stake sale last year, the family continues to reduce their holdings in IndiGo.
Despite the sale, IndiGo’s shares have jumped 95% over the past year, driven by strong earnings and investor interest.
IndiGo shares hit a record high of ₹4,944.60 before the dip, closing at ₹4,859.20 on Wednesday.