SpiceJet gains on stake sale report

SpiceJet is trading higher by over 3% at Rs 35.95 on reports of stake sale of the company after the resignation of Kalanithi Maran and his wife Kavery Kalanithi from the board of directors of Kal Airways.

“Kal Airways has a 32.32% stake in SpiceJet while Maran has 16. 27%. SpiceJet has been in talks with foreign airlines, including Etihad Airways and Emirates for a stake sale, for some time now,” the Financial Express report suggests.

However, S.L. Narayanan, the group CFO of Sun, has denied the report and said in an interview with TV channel that Maran quit Kal Airways to only reduce the number of directorships he holds. The media-to-aviation Sun group is headed by Kalanithi Maran.

The stock opened at Rs 35.15 and hit a high of Rs 36.25 on the BSE. Around 1.62 million shares have changed hands on the counter so far.