India's SpiceJet hits over 2-month high on report promoter eyeing partial stake sale
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Shares of India's SpiceJet Ltd surged nearly 18% on Wednesday to hit a more than two-month high, after a report said its promoter Ajay Singh was exploring a possibility of a partial stake sale in the budget carrier.
SpiceJet is in talks with a Middle Eastern carrier for the possible stake sale and talks are ongoing with a large Indian conglomerate, Indian news channel CNBC-TV-18 reported, citing sources. Singh holds about 60% stake in the airline, it added. (https://bit.ly/3zlo07u)
The report comes amid the domestic airline being under the spotlight lately following a slew of incidents of technical snags and India's aviation regulator last week ordering SpiceJet to slash its approved fleet to 50% this summer for eight weeks.
Meanwhile, SpiceJet said on Tuesday it had cleared all of its outstanding principal dues with the state-run airport operator Airports Authority of India.
SpiceJet did not immediately respond to Reuters' request for comments.
SpiceJet shares, which have fallen nearly 24% so far this year, posted a record intra-day jump in early trade on Wednesday.
