SpiceJet shares surge on speculation Kuwait Airways could buy stake | Business & Finance

SpiceJet shares jumped nearly 8 per cent on Monday following a report that Kuwait Airways was looking to pick up a 25 per cent stake in the airline.

The low-cost airline confirmed some foreign airlines had showed interest in buying a stake in it.

In a filing to the bourses, SpiceJet said: "We reiterate that few investors have evinced interest in the company post Government of India allowing FDI in civil aviation sector to foreign airlines, it will be very pre-mature to comment on the possibilities of any fresh equity issuance to such interested parties or confirm/deny names of any specific entity."

It, however, denied the news of Kuwait Airways buying a stake.

"We would like to reiterate that these are speculative media reporting," the statement said.

Shares of the company surged 9.56 per cent to Rs 30.35 in intra-day trade before settling at Rs 29.90, up 7.94 per cent from its previous close, on the Bombay Stock Exchange.

On the volume front, 69.39 lakh shares of the company changed hands on the index.