Rakesh Gangwal, co-founder of Indian airline IndiGo, divested a 5.8% stake valued at $820.3 million in Interglobe Aviation through bulk deals on Monday. Despite holding an 11.72% stake in Interglobe as of December 2023, Gangwal sold 22.5 million shares at a per-share price ranging from 3,015.10 to 3,016.36 rupees. Morgan Stanley acquired 2.1 million shares in the transaction, although other buyers' details were not disclosed.

The extent of Gangwal's remaining holdings in Interglobe after this sale remains uncertain. Over the past two years, both Rakesh Gangwal and his wife Rekha have progressively reduced their shareholding, with Rekha exiting the company entirely in August 2023. However, their Chinkerpoo Family Trust still maintains a 13.49% stake in Interglobe as of December 31, ranking as the second-largest shareholder.

In February 2022, Gangwal resigned from IndiGo's board, expressing intentions to trim his stake in the airline over a five-year period. Despite the stake sale, Interglobe's shares saw a 3.6% increase, closing at 3,218.55 rupees on Monday, marking an 8.5% rise since the beginning of the year.