Rakesh Gangwal,  co-promoter of private sector airline IndiGo, and his wife Shobha Gangwal have sold stake in the airline's parent company InterGlobe Aviation.

In February this year, Rakesh Gangwal resigned from the board of directors of InterGlobe Aviation.

Gangwal had said that he would gradually liquidate his equity stake over the next five years.

1.40% stake or 54,00,000 shares have been sold through block sale.

Gangwal and his family own 36.61 per cent in InterGlobe Aviation.

Gangwal and his wife hold 14.6% and 8.39%, respectively, while the rest is with the Chinkarpu Family Trust.

On the first trading day of the week, there was a selling environment in the stock of Indigo.

The share price of the company declined by 0.38% to the level of  Rs 1925. The market capital is 74 thousand crores.