Shares of InterGlobe Aviation, which runs IndiGo airline, fell 5% on the BSE in intraday trade on Thursday after more than 4% of the company changed hands in a block trade.

Exchange data showed that about 16.08 million shares, or 4.17% of InterGlobe Aviation’s total share capital, changed hands in the BSE block trade as of 9:15 am. The names of the buyer and seller were not immediately identified.

Shareholding model data shows that as of December 31, 2022, co-promoters Rakesh Gangwal (13.24%) and his wife Shobha Gangwal (7.04%) jointly own 20.28% of InterGlobe Aviation.

According to a report by Business Standard, Rakesh Gangwal plans to cut his stake in IndiGo by a further 4% in a block deal on Thursday. The block deal involves 1.56 crore shares worth Rs 2,930 crore.

This will be the second sale of shares by the Gangwal family in six months. In September last year, Rakesh Gangwal and his wife sold their 2.74% stake in InterGlobe Aviation, taking in Rs 2,005 crore.

Shares of InterGlobe Aviation (IndiGo) have been on a downtrend since February 6, after the stock came within striking distance of its 52-week high.