SpiceJet shares hit over 2-month high on report promoter eyeing partial stake sale

SpiceJet is reportedly in talks with a Middle Eastern carrier for the possible stake sale

Shares of India's SpiceJet Ltd surged nearly 18 per cent 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, CNBC-TV-18 reported, citing sources. Singh holds about 60 per cent stake in the airline, it added.

Also Read — SpiceJet in active discussion with Middle Eastern carrier for possible stake sale

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 per cent 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.

Also Read — SpiceJet clears all outstanding principal dues of AAI

SpiceJet did not immediately respond to Reuters' request for comments.

SpiceJet shares, which have fallen nearly 24 per cent so far this year, posted a record intra-day jump in early trade on Wednesday.