Shares of InterGlobe Aviation Ltd, the holding company that runs IndiGo Airlines, opened sharply lower on Thursday after about 11.2 million NSE shares changed hands, Bloomberg reported. Buyer and seller details are not available. Indigo shares fell 3.3% to Rs 1,919 per share on the BSE.

About 2.9% of Indigo’s shares changed hands in four tranches worth Rs 2,692 crore at an average price of Rs 1,900 per share, CNBC TV18 reported.

The stock will likely remain under pressure as Gangwal will continue to cut his stake occasionally. Gangwal has a 5-year plan to trim his stake in IndiGo.

On Wednesday, IndiGo said in a press release that co-founder Rakesh Gangwal and his family are looking to sell a 2.8% stake in the company in a block deal. As of June, Rakesh Gangwal held a 14.65% stake, while his wife Shobha Gangwal held an 8.39% stake in InterGlobe Aviation.

Morgan Stanley, one of the investment banks responsible for selling the Gangwal family’s stake in InterGlobe, initiated the block sale.

As many as 10.8 million shares belonging to the Gangwal family have been listed at Rs 1,996 crore as part of the block trade, the investment bank said in a notice to the stock exchange.

Gangwal, his wife Shobha and their family trust jointly hold a 36.6% stake in IndiGo parent company InterGlobe Aviation, which has a market value of about Rs 76,800 crore. Their combined shares could be worth as much as Rs 28,097 crore.

In February 2022, Rakesh Gangwal resigned from the company and said he would gradually reduce his holdings over the next five years. Gangwal’s resignation from the IndiGo board adds a new dimension to his long-running feud with another IndiGo co-founder, Rahul Bhatia. The resignation letter comes two months after Rahul Bhatia became managing director.