In May, foreign institutional investors (FIIs) and domestic institutional investors (DIIs) collectively infused nearly Rs. 80,000 crore into Indian equities, supported by consistent buying from retail investors and high-net-worth individuals (HNIs).
However, a wave of high-profile block deals has triggered concerns over insider sentiment, particularly given the elevated market valuations. Market experts view this selling trend amid lofty valuations as a potential warning sign.
InterGlobe Aviation Limited
Leading the list of major block deals, Rakesh Gangwal, co-founder of IndiGo, along with The Chinkerpoo Family Trust, offloaded a 5.72 percent stake in InterGlobe Aviation via open market transactions, raising Rs. 11,564 crore.
Individually, Rakesh Gangwal sold 22.1 lakh shares, representing a 0.6 percent stake, while the Chinkerpoo Family Trust offloaded approximately 1.99 crore shares through three separate transactions, accounting for 5.15 percent of IndiGo’s equity. As a result of these transactions, the combined stake held by Rakesh Gangwal and the Chinkerpoo Family Trust has declined from 13.53 percent to 7.81 percent.
ITC Limited
A day after IndiGo’s co-founder offloaded his stake, British American Tobacco (BAT) divested a 2.5 percent stake in ITC Limited through its subsidiary, raising Rs. 12,941 crore via block deals. This sale reduced BAT’s overall holding in the FMCG major from 25.44 percent to 22.94 percent.
BAT’s subsidiary, Tobacco Manufacturers (India) Limited, sold 31.3 crore equity shares of ITC at prices ranging between Rs. 413.12 and Rs. 413.78 per share. Following the transaction, BAT’s subsidiary’s individual holding declined from 20.31 percent to 17.81 percent.
Collectively, BAT holds a combined 22.94 percent in ITC through its various affiliates—Tobacco Manufacturers (India) Limited, Rothmans International Enterprises, and Myddleton Investment Company—as of the March quarter-end.
Bharti Airtel
On 16th May, Singtel divested nearly 1.2 percent direct stake in Bharti Airtel for S$2 billion (about Rs. 13,180 crores), making an estimated profit of S$1.4 billion (roughly Rs. 9,224 crores).
The transaction was carried out through Pastel Limited, a wholly owned subsidiary of Singtel, which offloaded 71 million shares of Airtel at Rs. 1,814 per share. After this sale, Singtel’s stake in Bharti Airtel has declined from 29.5 percent to 28.3 percent.
Wendt (India) Limited
On 14th May, Wendt GmbH, the German parent company of Wendt (India), announced its plan to completely exit its investment in the company by selling its entire stake through an Offer for Sale (OFS).
As part of the OFS, the foreign promoter planned to sell up to 6 lakh equity shares, which amounts to a 30 percent stake, with an option to sell an additional 1.5 lakh shares (7.5 percent) if oversubscribed. This could potentially increase the total divestment to 7.5 lakh shares, equal to 37.5 percent of Wendt India’s paid-up equity. The OFS opened for non-retail investors on 15th May 2025 and for retail investors on 16th May, with the floor price set at Rs. 6,500 per equity share.
As of March 2025, Wendt India’s total promoter holding stood at 75 percent, equally split between Wendt GmbH and Carborundum Universal, each owning 37.5 percent.
Further, among other significant transactions, General Atlantic Singapore Fund exited KFin Technologies in a deal worth Rs. 1,790 crores, while the Sajjan Jindal Family Trust reduced its stake in JSW Infrastructure, raising Rs. 1,210 crore. According to sources, promoter selling is also becoming noticeable in several smaller companies like Gravita India, PG Electroplast, TD Power, Paras Defence, and Ami Organics, raising concerns among market observers.
The trend of block deals continued into the first week of June 2025, with notable activity in companies such as Zinka Logistics, Aptus Value Housing Finance, Yes Bank, and Ola Electric on Tuesday. On 2nd June, private equity firm True North and other investors offloaded over Rs. 1,500 crores worth of shares in Niva Bupa Health Insurance.
Written by Shivani Singh
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