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IndiGo shares skid 4% amid block deal buzz; Bhatia promoter entity likely seller
Rahul Bhatia, the promoter and managing director of IndiGo, is looking to sell around 2% stake in the company through his entity Interglobe Enterprises.
Rahul Bhatia, the promoter and managing director of IndiGo, is looking to sell around 2% stake in the company through his entity Interglobe Enterprises.
The airline has purchase rights for an additional 70 Airbus A350 Family aircraft “for possible future needs under certain conditions”.
IndiGo, which cornered over 60% of the domestic market share, is expecting early double-digit growth in its capacity in the next fiscal.
The low-cost carrier expects the addition of more than one aircraft per week and an additional 10 destinations.
The airline will operate between Ahmedabad-Rajkot, Ahmedabad-Aurangabad, Bhopal-Lucknow, and Indore-Varanasi from March 31.
IndiGo shares surge as much as 5.6% to hit a new all-time high of ₹3,301.40 today; the aviation stock has rallied 15% in the last six sessions.
“With these 5 consecutive quarters of profit we continue to recover from the losses of Covid and have now become net worth positive again,” says CEO Pieter Elbers.
IndiGo aims to double its size by the end of this decade.
Uniform fleet and more routes, especially in the domestic market, aid turnaround.
"We are always in the process of evaluating options available," says IndiGo.