SpiceJet shares soars on Jhunjhunwalas buying stock

SpiceJet shares on Monday surged 8 per cent in early trade on ace investor Rakesh Jhunjhunwala and his wife Rekha picking up 25 lakh shares of the budget carrier for an estimated Rs 10 crore.

According to merchant banking sources, Jhunjhunwalas together bought 25 lakh shares of SpiceJet through open market transactions on Friday. The shares were purchased on an average price of Rs 38.94 apiece, valuing the transaction at Rs 9.73 crore.

However, identity of sellers was not ascertained.

In July last year, Jhunjhunwala's Rare Enterprises had acquired 25 lakh shares of SpiceJet for Rs 7.69 crore.

After making a bullish opening and jumping 8 per cent in early trade to Rs 43.75, SpiceJet shares pared some of the gains to trade 4.44 per cent higher at Rs 42.30 at 11.25 am on the Bombay Stock Exchange.

In the broader market, the BSE Sensex was trading at 19,643.81, up 68.17 points at the same time.

With inputs from PTI