Spicejet shares surge over 5 per cent on stake sale buzz

Shares of Spicejet on Monday surged over 5 per cent amid reports that two Gulf airlines have approached the company for buying a stake in the domestic firm.

Following the buzz, the stock rose by 5.22 per cent to Rs 23.15 on Bombay Stock Exchange (BSE).

On the volume front, 29.97 lakh shares of the company were traded at BSE during the morning trade.

According to media reports, two big Gulf airlines have approached Ajay Singh-promoted SpiceJet for buying a stake in the airline.

Shares of the airline closed at Rs 22.80 apiece, up 3.64 per cent  on Bombay Stock Exchange.