BENGALURU, Aug 3 (Reuters) – Shares of India’s SpiceJet Ltd (SPJT.NS) 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. read more

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.

Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi Aich

SOURCE :- reuters