Co-founder of IndiGo sells 2.75% shares

Rakesh Gangwal, the co-founder of IndiGo, has sold almost 2.75% of his shares amounting to INR 2,005 crore. Details of the buyers were not provided by the National Stock Exchange; however, shares of IndiGo fell by a big margin end of the day following this transaction. After his fallout from IndiGo, Gangwal has said he would pare back his holding over the next five years. He said: “I am a long-term shareholder for more than 15 years and it is only natural to someday think about diversifying one’s holdings. Accordingly, my current intention is to slowly reduce my equity stake