IndiGo shares are in focus on Friday after the airline unveiled new codeshare connections with Australia’s Qantas Airways, offering customers additional travel options to Adelaide, Canberra, and Gold Coast on flights operated by Qantas.
What Happened: The announcement builds on the codeshare partnership that IndiGo and Qantas established in 2022, which lets Qantas customers on non-stop flights between Australia and India connect to 21 destinations within India via IndiGo. Moreover, in November last year, IndiGo expanded its codeshare partnership with Qantas Airways to include connections to Sydney, Melbourne, Perth, and Brisbane.
Codesharing practices allow airlines to book their passengers on flights operated by partner carriers, facilitating seamless travel across various destinations.
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This week, IndiGo’s shares saw significant trading volume after Rakesh Gangwal, the airline’s co-founder, sold a 5.8% stake in the airline for ₹6,785 crore on March 11. Morgan Stanley acquired shares at an average price of ₹3,015, which was a 6.3% discount from the stock’s previous closing price of ₹3,218.
This transaction reduced Gangwal’s stake in India’s largest airline to 6%, bringing the promoter group’s overall holding in the company down to 57.3%, as per exchange data.
Price Action: Interglobe Aviation Ltd. shares were trading 0.4% lower ₹3,164.05 at market open on Friday.
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