IndiGo: Promoter stake sale a non-event; analysts see up to 15% upside

Technical charts suggest that the stock is displaying a firm trend, and trading above its key moving averages.

Shares of InterGlobe Aviation (IndiGo) rallied up to 4 per cent on Monday owing to block deals at the counter as the company's co-founder exited partial stake. The stock has gained 10 per cent so far this year, as against a near 3 per cent gain on the NSE benchmark Nifty 50 index.

On Monday, Rakesh Gangwal, co-founder of IndiGo, divested 6 per cent stake in the airline firm via bulk deals. He sold 23 million shares at Rs 3,016 each, amounting to Rs 6,786 crore.

As per the exchange data, Morgan Stanley Asia was one of the buyers, having bought 2.1